Vedanta Profit Beats Estimates Boosted by Metals, One-time Gain [Yahoo! Finance]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Yahoo! Finance
Most Read from Bloomberg Key Ballot Initiatives and Local Races Highlight Views on Abortion, Immigration Paris Restricts Through Traffic in City Center From Housing to Immigration, Key Ballot Initiatives and Local Races to Follow 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
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