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Vedanta Resources Posts Bumper Profits

Vedanta Resources (LSE: VED) has posted a 79% growth in net profit to $337 million for the first half ending on September 30, 2010 as compared to $188.2 million in the corresponding period last year. The operating profit was also higher for the company.

The metal and mining company has seen its revenues during the first half of the year rise to $4.58 billion. This is a 53.8% rise as compared to the revenue generated in the first half of 2009 which stood at $2.97 billion. Revenue from aluminium, copper, zinc, iron ore and energy has increased over the past year.

The Chief Executive Officer of Vedanta Mahendra Mehta said that the firm was also evaluating the possibility of listing its subsidiaries Sterlite Energy and the Zambian Konkola Copper Mine it owns. Mehta also feels that the listing for the copper mine may take place in the current year itself.

Anil Agarwal, the chairman of Vedanta Resources said that they remain focused on delivering a strong organic growth programme and were well placed to benefit from the India’s tremendous growth prospects.

Joel Scanlon

Written by

Joel Scanlon

Joel emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.


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