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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Vedanta | LSE:VED | London | Ordinary Share | GB0033277061 | ORD USD0.10 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 832.60 | 834.80 | 835.80 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7370U Vedanta Resources PLC 28 January 2004 Wednesday, 28 January 2004 Vedanta Resources plc Indian listed subsidiaries' third quarter results Vedanta Resources plc announces that its Indian listed subsidiaries, Sterlite Industries (India) Limited "Sterlite", Hindustan Zinc Limited, "HZL" and Madras Aluminium Company "MALCO" have today released their third quarter results in accordance with Indian regulatory requirements. Highlights * Net sales have benefited from increased volumes as set out in the production report issued on 7th January 2004 and from rising commodity prices, particularly in the third quarter. Sterlite (copper) and HZL (zinc) net sales rose by 49% and 61% respectively in this period. * The operating profit of the Sterlite group show strong growth, benefiting from operational improvements and better sales realisation in all three divisions, especially zinc. Meanwhile, in copper, higher raw material costs were offset by production gains, efficiency improvements and a stronger performance from the Australian mines. Aluminium results were in line with expectations Anil Agarwal, CEO of Vedanta Resources plc, said; "These strong results underpin the confidence we expressed at the time of our listing in December. We are pleased with the operational improvements in all our businesses and, in particular, the excellent results from HZL, the most recent addition to the group. I look forward to reporting our full year results in June." Full details of the results are available on www.vedantaresources.com. Contacts Peter Sydney-Smith Group Finance Director Vedanta Resources plc +44 20 7629 6070 Scott Fulton Fallon Stewart + 44 1525 634536 Jon Simmons Financial Dynamics + 44 20 7831 3113 Notes to editors Sterlite has this year, for the first time, reported consolidated figures and, therefore, comparative prior year numbers are not available. The consolidated figures for Sterlite (table 1A) include its Indian copper business, Bharat Aluminium Company (BALCO), HZL and the Australian mines. The results of Indian copper (Table 1B), zinc (Table 1C), and MALCO (Table 2) have also been announced to the Bombay Stock Exchange and these results are summarised in this release. Figures are presented in Indian GAAP and Rupees. Vedanta's current effective ownership of Sterlite is 65.8% and 80% of MALCO. Sterlite, itself, has a 64.9% interest in HZL, 51% in BALCO and 100% of the Australian mines. Vedanta issued a production report for the third quarter to 31st December 2003 on 7th January 2004. Copies of this release are available on www.vedantaresources.com. Sterlite Industries (India) Limited (Sterlite Group) Table 1A: Consolidated Summary Data - Copper, Zinc and Aluminium (4) Third Quarter 9 Months 12 Months INR million 31/12/03 31/12/03 31/03/03 Net Sales (1) 15,280 40,960 43,892 Other income 319 1,080(2) 1,384 Operating costs 11,702 32,107(3) 35,960 Operating profit 3,897 9,933 9,316 Interest paid 396 1,113 1,806 Depreciation 724 2,104 3,018 Profit before tax 2,777 6,716 4,492 (1) Net of excise duty recovered (2) In accordance with Indian GAAP, Other income includes interest received INR539m (3) In accordance with Indian GAAP, Operating costs include Voluntary Retirement Scheme (VRS) costs of INR650m (4) Does not include MALCO results, see table below. Sterlite Industries (India) Limited (Sterlite Copper) Table 1B: Company Summary Data - Indian Copper (3) INR million Third Quarter 9 months 12 months 31/12/03 31/12/02 31/12/03 31/12/02 31/03/03 Net Sales (1) 8,212 5,505 21,854 15,465 22,079 Other income 33 31 108(2) 107 180 Operating costs 7,192 4,459 19,017 12,357 17,747 Operating profit 1,053 1,077 2,945 3,215 4,512 Interest paid 318 389 893 1,145 1,510 Depreciation 267 252 801 778 1,059 Profit before tax 468 436 1,251 1,292 1,943 1. Net of excise duties recovered 2. In accordance with Indian GAAP, other income includes interest received INR76m 3. Includes the conductor business Hindustan Zinc Limited (HZL) Table 1C: Company Summary Data - Zinc INR million Third Quarter 9 months 12 months 31/12/03 31/12/02 31/12/03 31/12/02 31/03/03 Net Sales (1) 4,977 3,083 13,243 9,103 14,113 Other income 178 170 581(2) 523 760 Operating costs 2,911 2,344 8,528(3) 7,471 11,809 Operating profit 2,244 909 5,296 2,155 3,064 Interest paid 2 1 4 2 3 Depreciation 177 163 528 487 767 Profit before tax 2,065 745 4,764 1,666 2,294 1. Net of excise duties recovered 2. In accordance with Indian GAAP, other income includes interest received INR291m 3. In accordance with Indian GAAP, operating costs include VRS of INR461m Madras Aluminium Company Limited (MALCO) Table 2: Company Summary Data - Aluminium (excluding BALCO) (2) INR million Second Quarter 6 months 12 months 31/12/03 31/12/02 31/12/03 31/12/02 30/06/03 Net Sales (1) 690 626 1,386 1,291 2,637 Other income 2 13 20 16 27 Operating costs 514 473 1,037 966 1,910 Operating profit 178 166 369 341 754 Interest paid 27 42 51 89 161 Depreciation 48 49 95 98 196 Profit before tax 103 75 223 154 397 (1) Net of excise duties recovered (2) Excludes results of Indian Foils Limited (IFL), an associated undertaking This information is provided by RNS The company news service from the London Stock Exchange END QRTBSGDBCGDGGSI
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