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Strong iron-ore exports yield 31% profit for Vale

Strong iron-ore exports yield 31% profit for Vale

Profits for Vale, the world's second-largest mining company, soared 31 percent in the fourth quarter of last year, as strong iron-ore exports offset a decline in base metal prices and a strengthening currency.
Companhia Vale do Rio Doce SA posted on Thursday a net profit of 4.4 billion Brazilian reals (US$2.6 billion) from October to December, or 0.9 reals per share. That compares with 3.37 billion reals, or 0.7 reals per share, in the same period last year.
Vale's total net profit for 2007 rose to 20 billion reals (US$11.94 billion), or 4.14 reals per share, compared to 13.4 billion reals (US$8 billion), or 2.78 reals per share in 2006.
Revenue shrank to 15.2 billion reals (US$9.1 billion) during the fourth quarter from 17.7 billion reals (US$10 billion) in the last quarter of 2006.
But in 2007, revenue soared to a company record of 66.4 billion reals (US$39.6 billion), up 42 percent from 46.75 billion reals (US$27.9 billion) a year earlier.
Vale's revenues last year were driven by a 29.4 percent rise in consolidated exports, to US$12.5 billion.
The company posted production records in nine products and consolidated its position as the world's largest producer of iron ore, the second-largest nickel producer and among the largest in kaolin, iron alloys and alumina, which is smelted into primary aluminum.


Updated : 2021-04-17 20:54 GMT+08:00