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Vedanta first half profit triples on prices, volumes

Thursday, Nov 16, 2006
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LONDON, Nov 16 (Reuters) - India-focused miner Vedanta Resources Plc said on Thursday first-half earnings rose 284 percent, buoyed by soaring metals prices, higher volumes and cost cuts.

Vedanta also announced plans to enter into the commercial energy business with plans to invest $1.9 billion in a power plant in India over four years.

The miner said earnings before interest, tax, depreciation and amortisation were $1.3 billion in the six months to end-September compared with $336.5 million a year ago.

This compared to forecasts of $1.27 billion, according to the consensus of eight analyst forecasts provided by the company.

"Substantially higher volumes, increased metal prices and tight cost control continue to be the drivers of this growth," Chairman Anil Agarwal said in a statement.

Vedanta said it wanted to achieve annual production levels of 1 million tonnes in each of its primary metals, aluminium, copper and zinc. It is due to complete Phase II of its growth programme by 2010.

Vedanta said on Oct. 10 production of the metals rose in the period following the ongoing commissioning of its new Korba II smelter and ramp-up of its new Tuticorin and Chanderiya smelters in India.

The company also said it planned to set up a coal-based thermal power plant at Jharsuguda, Orissa, in India at a total cost of approximately $1.9 billion over four years.

It said the project would allow it to bid for the development of major power projects tendered by the Indian government.

Vedanta, which sells most of its output in India, said demand for commodities was expected to remain healthy in the second-half, production would improve and unit costs of production would remain steady of show a slight improvement.

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