Indian miner Vedanta Resources has announced its financial results for the full financial year 2011-12 ending March 31, reporting a decrease in its profit before tax despite improved revenues.
While Vedanta's profit before tax decreased to $1.75 million from $2.68 billion in the previous financial year, the company registered revenue of $14 billion, up 22.5 percent year on year. In the given year, the company's EBITDA increased by 12.9 percent to $4 billion compared to the previous financial year.
According to the company's statement, during the given year Vedanta invested $2.4 billion in its organic growth program. It acquired iron ore deposits in Liberia with estimated reserves and resources of 1 billion mt. The first shipment is expected in the financial year 2013-14.
In FY 2011-12, Vedanta produced 13.8 million mt of iron ore, down 26.6 percent year on year, while its pig iron output decreased by 9.8 percent to 249,000 mt, compared to the financial year 2010-11.