Brazilian mining company Vale reported a third-quarter net profit of US$1.255 billion on Thursday, down 53 per cent from US$2.685 billion a year earlier, The Rio Times reports.
Revenue rose by 2 per cent to about US$10.6 billion, helped by copper and nickel, but iron ore output fell 6 per cent to 88.4 million tonnes. The average price Vale received for iron ore fines was US$85.1 a tonne, 10 per cent lower than a year before, while a stronger Brazilian real pushed up the cash cost of producing each tonne by 12 per cent.
Adjusted earnings before interest, taxes, depreciation and amortisation fell 20 per cent. Vale paid US$1.676 billion to shareholders in the quarter, 13 per cent more than a year earlier. Its shares in New York closed at a 12-month low.
Source: The Rio Times
