Vedanta Resources Plc full year profit almost tripled as a global economic recovery boosted commodity prices.
Online PR News – 10-May-2010 – – Vedanta Resources Plc full year profit almost tripled as a global economic recovery boosted commodity prices.
The London based company said in a statement that net income advanced to USD 602.3 million in the year ended March 31 from USD 219.4 million per year earlier.
Vedanta, controlled by billionaire Mr Anil Agarwal boosted output of copper, zinc, lead, iron ore and aluminium in Indian, Australian and Zambian operations. An index of 6 metals traded on the London Metal Exchange jumped 89% in the period, helping to lift Vedanta’s sales 21% to USD 7.9 billion.
Mr Agarwal said that the large and coordinated stimulus from governments globally has secured greater stability in financial markets and a return to economic growth. Commodity prices and industrial demand have recovered and we enter the 2011 financial year with much greater optimism.
Vedanta said that the company proposed a final dividend of 27.5 cents, an increase of 10%. Earnings per share jumped to 203.2 cents from 75.8 cents a year earlier. We have a well laid out growth pipeline and all our expansion projects are on track to deliver an industry leading organic growth. We remain confident to deliver superior results as we are progressing.
(Sourced: www.steelguru.com )