Vedanta Resources H1 profit tanks 46% at $188 mn

Global metal and mining major Vedanta Resources today reported a 46.2 per cent decline in profit at $188.2 million for the six-month period ended September 30, 2009, impacted mainly by weak metal prices.

However, the firm anticipates recovery in metal prices in next few months on the back of demand generated by economic and industrial growth in India.

The company's attributable profit for the first half of the current fiscal stood at $188.2 million as against $350 million in the year-ago period, Vedanta Resources said in a statement.

"We have seen some recovery in metals prices and the fundamentals remain highly attractive. We expect that the economic and industrial growth in India will help underpin the demand for our products," Vedanta Resources Chairman Anil Agarwal said.

The company is primarily into production of non-ferrous minerals like copper, zinc, aluminium. It recorded production growth across all segments.

Vedanta Resources declared an interim dividend of US 17.5 cents per share for the period under review.

The company posted a total revenue of $2.9 billion for the half-year period as against $3.9 billion a year ago.