CAIRN INDIA LIMITED The London-based miner, which has most of its assets in India, said earnings before interest, tax, depreciation and amortisation fell to $2.1 billion in the six months ended Sept. 30 from $2.21 billion a year earlier.
Vedanta said lower volumes at Zinc India, lower Brent crude prices, a higher share of profit on petroleum payable to the Government of India and a planned maintenance shutdown at Cairn India Ltd, its oil and gas operations, had also hurt the company in the first half.
The miner reported an 8 percent fall in oil and gas production and a 12 percent decline in copper output at its Zambian business last month.
Vedanta bought a controlling stake in Zambia's Konkola Copper Mines (KCM) a decade ago. The business, intended to be part of a push beyond the company's origins in India, accounts for about 8 percent of its total revenue.
"At Copper-Zambia, we remain committed to delivering an operational turnaround, despite several challenges. We continue to engage with various stakeholders, including the Government of Zambia, to improve productivity, volumes and profitability," the company said in a statement.
However, group revenue rose 6 percent to $6.46 billion as Vedanta was able to recognise higher premiums for zinc and aluminium and produce more at its India copper business.
Realised premiums for aluminium rose 32 percent in the first half of the year, while zinc premium almost doubled.
The company also announced an interim dividend of 23 cents per share, up from 22 cents a year earlier.
Vedanta shares were down 0.4 percent at 793 pence at 0824 GMT on the London Stock Exchange. They have lost more than 30 percent in value since the beginning of the year.
(Reporting by Roshni Menon in Bangalore; Editing by Gopakumar Warrier)
