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Lower commodity prices weigh on Vedanta Resources' fiscal H1 EBITDA

Vedanta Resources Ltd.'s revenue for the six months ended Sept. 30, 2019, fell 5% year over year to US$6.13 billion due to lower prices for its products, with EBITDA falling 19% to US$1.40 billion.

The company swung to an attributable net profit of US$503 million for the first half of fiscal 2020 from a year-ago loss of US$327 million, according to a statement released Dec. 31, 2019, on the London Stock Exchange. Profit improved mainly due to a US$331 million tax credit due to new Indian tax amendments.

Its Indian zinc operations produced 429,000 tonnes of refined metal, up 1% on a yearly basis with silver output down 5% to 9.4 million ounces. Vedanta's international zinc operations produced 123,000 tonnes of refined metal, up 130% year over year, thanks to the start of output at its Gamsberg operations in South Africa.

Aluminum output fell 3% year over year to 947,000 tonnes despite output at its Lanjigarh refinery jumping 27% to a record 856,000 tonnes. Hot metal output in its steel segment was up 15% to 645,000 tonnes.