Vedanta beats forecasts with 187 per cent surge in EPS
06 May 2010
India-focused mining group Vedanta posted a 187 per cent surge in annual earnings per share - ahead of forecasts - on a rebound in metals prices and stronger output on the back of an economic recovery.
"The recovery in demand and commodity prices appears well-founded and the medium and long-term outlook for our commodities remains strong," chairman Anil Agarwal said on Thursday.
The London-listed group said basic EPS for the fiscal year to end-March rose to 219.6 cents compared with 76.4 cents in the previous year.
The company proposed a final dividend of 27.5 cents, up 10 per cent.
Last month, Vedanta posted record production of iron ore and aluminium in its fourth quarter. Annual production of iron ore gained 34 per cent, aluminium climbed 15.4 per cent and refined zinc was up 4.7 per cent.
Profits have been boosted by a rebound in metals prices as demand returned after sharp falls during the downturn. The price of zinc, one of Vedanta's most profitable products, gained 80 per cent during Vedanta's fiscal year.