Vedanta Profit Beats Estimates Boosted by Metals, One-time Gain [Yahoo! Finance Canada]
HONG KONG EX&CL UNSP/ADR (HKXCY)
NASDAQ:AMEX Investor Relations:
hkexgroup.com/investor-relations?sc_lang=en
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Source: Yahoo! Finance Canada
Most Read from Bloomberg The miner's earnings, the highest in nine quarters, surpassed the average estimate compiled by Bloomberg. The company had reported a loss in the year-earlier period due to weak zinc prices and an increase in tax expenses. Vedanta's earnings recovery has eased debt repayment concerns at its London-based parent Vedanta Resources Ltd., helping the parent reduce its debt by more than $4 billion in the past two years. Earnings were aided by a rise in metals prices. The quarter witnessed a 10% rise in average aluminum price at the London Metal Exchange from a year earlier, while zinc rates climbed 16%. During the quarter, Vedanta wrote back an impairment on its oil and gas business and income from non-core revenue sources doubled, both adding to the profit, the statement showed. Most Read from Bloomberg Businessweek ©2024 Bloomberg L.P. Recommended Stories
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