Vedanta FY'10 net profit up three-fold to $602 mn

LONDON: Metals and mining company Vedanta Resources today reported a nearly three-times growth in net profit at USD 602.3 million for fiscal 2009-10, helped by recovery in demand.

The company had a net profit of USD 219.4 million in the last fiscal, Vedanta said in a statement.

"We delivered strong results in 2010, which once again benefited from our low cost position, diversified revenues and record production growth across all our businesses," Vedanta Resources Plc Chairman Anil Agarwal said.

Total revenue rose 21 per cent from last fiscal to USD 7.93 billion in the fiscal year ended March 31, 2010.

The India-focused miner said that all our businesses delivered volume growth, with record iron ore, aluminium, zinc and lead production during the year.

Vedanta said that annual production of iron ore rose 34 per cent, aluminium surged 15.4 per cent and refined zinc was up 4.7 per cent.

"The recovery in demand and commodity prices appear well-founded and the medium and long-term outlook for our commodities remain strong," Agarwal said.

He further said, "The recovery in demand and commodity prices backed by growth momentum in China, Brazil and India appears well-founded."