Brazil's Vale Posts Net Profit of $1.78 Billion
April 28 2016 - 6:59AM
Dow Jones News
By Rogerio Jelmayer
SÃO PAULO -- Brazilian mining company Vale SA swung to a net
profit in the first quarter, as the company reported gains in
derivative operations, compensating for the decline of revenues in
the period.
The company reported Thursday a net profit of $1.78 billion in
the first quarter, compared with a net loss of $3.2 billion in the
first quarter of 2015.
Vale reported a gain of $1.4 billion in its financial results,
which included derivative operations, compared with a loss of $4.5
billion in the year ago period.
The company's net operating revenue was $5.7 billion in the
first quarter, down from $6.24 billion in the prior period.
Its net debt ended the period at $27.6 billion, up from $24.8
billion in the first quarter a year ago.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
(END) Dow Jones Newswires
April 28, 2016 06:44 ET (10:44 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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