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Vale’s net profit up 17% in Q1 to $1.6 billion on higher metals prices

May 06, 2010 - 14:53 GMT Location: São Paulo

KEYWORDS: Vale , Brazil , iron ore , nickel , copper , aluminium

Vale has reported a net profit of $1.6 billion in the first quarter this year, 17.7% higher than the $1.36 billion from Q1 and up 5.6% the $1.51 billion recorded in Q4 2009

Operating revenues increased 26.3% in comparison with Q1 and 4.7% with Q4, to $6.84 billion, while Ebitda (earnings before interest, taxes, depreciation and amortization) increased 25.2% and 33.1% respectively to $2.85 billion, the Brazilian iron ore giant said. The better results were mainly a consequence of higher sales metals prices this year. Sales of ferrous minerals accounted for 69% of Q1 operating revenues, at $4.72 billion, which compare to $3.5 billion in Q1 and $4.15 billion...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

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