By Rogerio Jelmayer
SAO PAULO--Brazilian mining giant Vale SA (VALE) posted a
net-profit increase of 17.3% in the second quarter, as lower
debt-service costs helped to compensate less revenue in the
period.
Vale, the world's largest iron-ore producer, reported a
second-quarter net profit of $1.68 billion, up from $1.43 billion a
year ago.
The company's debt-service costs totaled $215 million in the
second quarter, down from $983 million the previous year.
Vale's net revenue dropped 29.7% to $6.96 billion.
Its earnings before interest, taxes, depreciation and
amortization, or Ebitda, tumbled 46.1% in the period to $2.2
billion.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires