Brazil mining company MMX posted a 12 percent decrease in iron ore sales in the first quarter of 2014 (Q1), year on year, from 1.3 million metric tons (mt) to 1.2 million mt, the company said in an earnings release.
Sales for the product reduced 15 percent in Q1 from 1.4 million mt in Q4 2013, it said.
Net revenues and gross profit also fell in Q1 by 53 and 78 percent, year on year, respectively.
In Q1, net revenues reached Brazilian Reais (BRL) 110.4 million ($500,499), while gross profit was BRL 30.7 million ($139,179), year on year.
MMX Sudeste iron ore production in Q1 increased 6 percent year on year and 22 percent quarter on quarter.
“The increase in production of the Q1 resulted from low rainfall rates and operational improvements, leading to greater productivity in the period, compared to the same period of the previous year and to Q4 2013. Fluctuation compared to the Q4 2013 is even greater since the last quarter of 2013 was negatively impacted by the repositioning of the Tico-Tico plant,” the company said in the statement.
MMX Corumba, the other site that produces iron ore, remained shutdown and did not produce the product in Q1 as well as in Q4 2013.