Indian miner Vedanta Resources has announced its financial results for the first half ended on September 30 of the financial year 2013-14.
While Vedanta's profit after tax amounted to $243.4 million, falling 74.2 percent compared to the corresponding period of the previous financial year, the company registered revenue of $6.2 billion, down 17.2 percent year on year. In the given period, the company's EBITDA decreased by 14.2 percent to $2.2 billion compared to the first half of the previous financial year.
During the given period, Vedanta reported no iron ore production and sales due to the suspension of iron ore operations at Goa and Karnataka operations. India's Supreme Court has lifted the restriction on mining at Karnataka and the company expects to restart mining soon. Regarding the suspension of mining in Goa, the court has recently announced its interim order, allowing sale of inventory of iron ore.
Vedanta said that the mining industry is currently facing headwinds in the form of price pressures and the company's sustained focus on operational and cost efficiency will help mitigate these pressures.