Anil Agarwal led Vedanta Resources on Thursday reported $196 million attributable loss for 2013-14 fiscal on weak commodity and oil prices as well as lower sales.
Diversified global player , which has interests in oil & gas, copper, zinc, iron ore, aluminium and silver among others in India and abroad, had reported $162 million attributable profit in the previous fiscal.The company attributed the loss to $417.7 million dip in EBITDA (operating profit) and one-offs such as accelerated amortisation on a large convertible bond series, among others.“Revenue was down 11.6 per cent at $12.9 billion primarily driven by weaker commodity and oil price environment and temporary business closures due to regulatory issues though partly offset by improved volumes at Cairn India, Zinc India,” Vedanta said in a statement.
Vedanta is one of the world's top seven resources firms with operations in India, Zambia, Namibia, South Africa, Ireland, liberia, Australia and Sri lanka.The company reported $4.5 billion EBITDA, down 8.5 per cent, on lower commodity prices, reduced volumes at Copper Zambia and Zinc International, lack of sales from iron ore business and temporary closure of the Sterlite's Tuticorin copper smelter in the first quarter.lack of sales at its iron ore business due to the mining ban in Goa, combined with only marginal sales in Karnataka in the fourth quarter, contributed to a negative variance of $123.7 million to operating profits. Tuticorin smelter closure impacted operating profit by $32.9 million.