Vedanta Resources reports drop in Q3 earnings amid weak commodity prices
Vedanta Resources said it was reviewing its operating and capital spending plans as it reported an 11% fall in third quarter core earnings.
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The miner said earnings before interest, tax, depreciation and amortisation (EBITDA) fell to $1.02bn in the three months ended 31 December from $1.14bn a year earlier as weak metal and oil prices put a dent in the company’s results.
Chief executive Tom Albanese said: "We made substantial progress during the quarter on enhancing production and starting up some of our new capacities. Vedanta'sdiversified and well-invested asset base, low cost of production and exposure to the
fast - growing Indian market puts us in a strong position to manage the volatility in the commodity markets."