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Vedanta hikes final dividend after swing to profit in FY'18

Vedanta Resources PLC swung to a profit attributable to shareholders of US$236 million, or 82.8 U.S. cents per share, in its fiscal 2018, from a loss of US$23 million, or a loss of 8.2 cents per share, a year ago.

The company announced a final dividend of 41 cents per share for the year ended March 31, taking the full-year dividend to 65 cents per share, from 55 cents apiece in the prior year.

Meanwhile, the reversal of a previously recorded posttax noncash impairment charge of US$888 million at the company's oil and gas business was partially offset by a US$534 million posttax noncash impairment charge at Iron Ore Goa.

Revenues surged 33% year over year to US$15.36 billion on the back of strong commodity prices and record volumes at the Zinc India, Copper India and Aluminium segments, partially offset by a lower volume at Iron Ore Goa.

EBITDA for the year climbed 27% year over year to US$4.05 billion, according to the company's May 23 release.

In the full year, Vedanta's refined zinc output increased 18% to 791,000 tonnes, refined lead production jumped 21% to 168,000 tonnes, and silver output surged 23% to 17.9 million tonnes.