Thursday, July 31, 2014   

Brazilian miner Vale annual earnings plunge 89pc, last quarter losses double
(02-27 09:30)

Profits at the world's top iron ore producer, Brazilian miner Vale, dived 89.2 percent to US$584 million in 2013, the company reported. The company’s common depositary receipts are traded in Hong Kong.
Vale also posted a net loss that more than doubled in the fourth quarter of 2013 from the previous year, from US$2.615 billion to US$6.451 billion.
Vale did, however, report record production of iron ore, copper ore, copper, gold and coal. But it said profit was hit hard by a series of “non-recurring events,'' including increased costs and currency woes.
“The result is positive even after all the non-recurring events, demonstrating the quality of our assets and operations that have been able to absorb the impact,'' the company said in a note to markets.
Vale had reported a full-year net profit of US$5.454 billion in 2012.
In December, Vale announced it planned to cut investments for the third year in a row, down to US$14.8 billion in 2014.--AFP

   
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