India-focused mining group Vedanta Resources Plc (VED.L: Quote) posted a 75 percent drop in attributable profit on Thursday after commodity prices slid, but kept its final dividend unchanged.
We have responded decisively to current market conditions and remain very well placed to prosper through the commodity cycle, said Chairman Anil Agarwal.
London-listed Vedanta posted an attributable profit of $219.4 million for the fiscal year to end-March, down from $879 million in the previous year.
This was less than the average forecast of $294 million given by six analysts surveyed by Reuters Estimates.
Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 46.5 percent to $1.61 billion, higher than the forecast of $1.55 billion.
Despite the weaker bottom line, Vedanta proposed a final dividend of 25 cents a share, the same as the previous year, bringing the total dividend to 41.5 cents. (Reporting by Eric Onstad; Editing by Greg Mahlich)
© Thomson Reuters 2009 All rights reserved