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Trading statements

Vedanta sales up on higher commodity prices

23 August 2017 07:33

Vedanta Resources said revenue and EBITDA were significantly higher year-on-year, driven by higher commodity prices and volumes.

Gross debt (excluding Zinc India temporary borrowing) was reduced by $1.3bn in Q1 FY2018, further reduction of $385m post June 30 2017.

Proactive refinancing of $1.84bn announced in August at Vedanta Resources through a combination of bond and bank debt; extends average debt maturity by 1.5 years, lowers the average cost of borrowing and results in no significant debt maturities until December 2018.

CEO Tom Albanese said: "We have made a positive start to the year with both revenue and EBITDA significantly up year on year.

"In particular, our Zinc and Oil & Gas businesses have delivered a strong quarter.

"Vedanta is a world leader in zinc, and zinc prices have strengthened since the quarter end on continued global supply deficits.

"The Gamsberg zinc project remains on course to commence production in mid-CY2018.

"We remain committed to improvements at Copper-Zambia, while our continued ramp-up in the Aluminium business has helped us exit the quarter with a strong production run rate of 1.4 mtpa.

"Our recent comprehensive refinancing exercise of $1.84bn further helps to optimise our balance sheet and create value for all our stakeholders."

Story provided by StockMarketWire.com

Related Company: VED

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