Hindustan Zinc Limited Results for the First Quarter ended 30 June 2008
July 24 2008 - 6:58AM
Business Wire
Hindustan Zinc Limited (�HZL� or the �Company�) today announced its
results for the first quarter ended 30 June 2008 (�Q1�). Revenues
and net profit for Q1 were Rs 1,644 crore and Rs 848 crore
respectively. Unaudited Financial Summary � � (in Rs crore, except
as stated) � Q1 FY 2008-09 FY 2007-08 % Change Net Sales/Income
from operations 1,644 1,970 - 17% Cash Profit (PBDT) 1,180 1,725
-32% Net Profit After Taxes 848 1,211 -30% Earnings Per Share (Rs.)
20.07 28.67 Production � Mined Metal (MT) Zinc 138,278 134,339 3%
Lead 19,584 19,442 1% Production � Saleable Metal (MT) Zinc 127,889
92,631 38% Lead 17,298 13,651 27% During Q1, HZL produced 127,889
tonnes of zinc and 17,298 tonnes of lead, an increase of 38% and
27% respectively compared with the corresponding prior quarter. The
mined zinc metal and lead metal production was marginally up at
138,278 tonnes and 17,298 tonnes respectively. During the quarter,
the sale of zinc and lead concentrate was lower at 10,507 dry
metric tonnes as compared to 54,385 dry metric tonnes in the
corresponding prior quarter. This was primarily on account of
higher smelter production, leading to a decrease in the surplus
concentrate available for sale. The positive impact of higher
volumes on sales and PBDT in Q1 was offset by the adverse impact on
account of a decline in zinc LME prices (from US $3,667 in Q1 FY
2008 to US $2,115 in Q1 FY 2009) by 42%. During Q1, the Company was
able to achieve significant reduction in the operating cost on the
back of increased volumes, improved operational efficiencies and
higher byproduct credits. Progress of Projects In Q1, the Company
successfully commissioned 88,000 tpa zinc debottlenecking project
at Chanderiya and Debari. With the commissioning of 16 MW wind
power generation capacities, HZL has successfully completed its
ongoing wind energy project and now has capacity of 123.2 MW wind
power. During the quarter, HZL announced expansion projects that
will take its total integrated zinc-lead capacity to 1,065,000
tonnes per annum with fully integrated mining, smelting and captive
power generation capacities; making HZL the world�s largest
integrated zinc-lead producer by 2010. The total investment in
these projects is estimated at Rs. 3,600 crore. For further
information, please contact: Sumanth Cidambi Associate Director �
Investor Relations � sumanth.cidambi@vedanta.co.in Tel: +91 22 6646
1531 � Sheetal Khanduja Manager - Investor Relations
sheetal.khanduja@vedanta.co.in Tel: +91 22 6646 1427 About
Hindustan Zinc HZL is India�s leading integrated producer of zinc
and is among the world�s leading integrated producers. It has a
metal production capacity of 754,000 tonnes per annum with its
smelter operations situated in Chanderiya, Debari and
Visakhapatnam. HZL has lead-zinc mines in Rajpura Dariba, Rampura
Agucha, Sindesar Khurd and Zawar. HZL has approximately 6,400
employees. The company is a subsidiary of the NYSE listed, Sterlite
Industries (India) Limited (NYSE:SLT) and London listed FTSE 100
diversified metals and mining major, Vedanta Resources plc.
Disclaimer This press release contains �forward-looking statements�
� that is, statements related to future, not past, events. In this
context, forward-looking statements often address our expected
future business and financial performance, and often contain words
such as �expects,� �anticipates,� �intends,� �plans,� �believes,�
�seeks,� �should� or �will.� Forward�looking statements by their
nature address matters that are, to different degrees, uncertain.
For us, uncertainties arise from the behaviour of financial and
metals markets including the London Metal Exchange, fluctuations in
interest and or exchange rates and metal prices; from future
integration of acquired businesses; and from numerous other matters
of national, regional and global scale, including those of a
political, economic, business, competitive or regulatory nature.
These uncertainties may cause our actual future results to be
materially different that those expressed in our forward-looking
statements. We do not undertake to update our forward-looking
statements.
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