By Kosaku Narioka
Hindustan Zinc Ltd. said its second-quarter net profit fell 6.8% from a year earlier due partly to higher tax expenses despite strong sales.
The Indian mining company said Tuesday that net profit for the quarter ended Sept. 30 fell to 19.40 billion Indian rupees ($264.4 million) from INR20.81 billion a year earlier. That missed the estimate of INR21.33 billion from a FactSet poll of analysts.
Second-quarter revenue increased 25% from a year earlier to INR56.60 billion, but net tax expenses rose to INR6.82 billion from INR60 million a year earlier.
Its zinc sales rose 9% in value from a year earlier and lead sales increased 28%, while silver sales more than doubled.
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(END) Dow Jones Newswires