Hindustan Zinc reports higher profit on jump in prices, production
Hindustan Zinc, the world's third-biggest zinc producer, reported a jump in fourth-quarter profit on Friday, supported by higher production and rising prices of the metal.
The company’s consolidated net profit came in at 30.03-billion rupees (1.5-million) in the three months to March 31, up 47.4% from a year ago.
Domestic zinc prices rose about 17.5% in the quarter, according to Systematix estimates, due to higher demand from India’s construction and manufacturing sectors.
Hindustan Zinc, majority owned by metals-to-oil conglomerate Vedanta, previously said its March-quarter mined metal production was at a record high of 310 000 t.
The company, which commands 75% share of the domestic zinc market, said its revenue from operations rose 21.2% to 88.29-billion rupees, while total expenses grew only 8.5%.
The zinc division recorded a 20.6% increase in revenue, while silver, the company’s second-largest business segment, registered a 24.1% growth.
Source: Mining Weekly
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