Brazil's Vale Posts 3Q Net Profit Of $575 Million
October 27 2016 - 4:54AM
Dow Jones News
By Rogerio Jelmayer
SÃO PAULO--Brazilian mining company Vale SA swung to a net
profit in the third quarter, because of a combination of an
increase in revenues and lower costs with its derivative
operations.
The company reported Thursday a net profit of $575 million in
the third-quarter, compared with a net loss of $2.12 billion in the
third quarter of 2015.
Vale reported a loss of $1.04 billion in its financial results,
which included derivative operations, compared with a loss of $7.1
billion in the year ago period.
The company's net operating revenue picked up 13% in the period
to $7.3 billion.
Vale's Ebitda, or earnings before interest, taxes, depreciation
and amortization, increased 61% to $3.02 billion in the period.
Its net debt ended the period at $25.96 billion, up from $24.21
billion in the third-quarter a year ago.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
(END) Dow Jones Newswires
October 27, 2016 04:39 ET (08:39 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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