Record revenues and earnings at Vedanta
Miner Vedanta reported record full year revenues and earnings on the back of a significant increase in volumes.
Revenue in the year to 31 March 2008 rose 26.2% to $8.2bn from $6.5bn a year earlier.
Earnings before interest, tax, depreciation and amortisation (EBITDA) improved 11.4% to $3bn from $2.7bn, although the EBITDA margin eased to 36.7% from 41.6%.
The final dividend has been lifted 25% from 20 cents to 25 cents, making total dividend payments for the year 41.5 cents, up 18/6% on the year before.
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The company saw an increase in volumes in all of its metals, while operating costs remained stable.
Global demand for metals remains strong and the group considers itself well placed to meet this demand.
“The industry faces challenges in terms of cost pressures and the ability to bring new capacities to production on time and within budget,” said Anil Agarwal, chairman of Vedanta.
“We believe that we have an unrivalled track record in this challenging environment in our ability to deliver projects at global benchmark costs and aggressive timelines,” Agarwal added.
