CVRD posted 2003 year financial results

CVRD posted 2003 year financial results

Brazil's iron ore giant Companhia Vale do Rio Doce SA (CVRD) has recently posted its 2003 year financial results. According to the report, the company posted its net profit as $1.548 billion in 2003 against $680 million recorded in 2002. This figure indicates the highest net profit the company has ever reported. Gross revenue of the company reached $5.545 billion, indicating a 29.5% increase against the gross revenue recorded in 2002. The company's net exports in 2003, constituting 13% of Brazil's entire trade surplus for 2003 reached $3.422 billion. Shipments of iron ore and pellets are recorded as 186.3 million tons, which is 13.5% higher than the volume shipped in 2002. These improved results are attributed to the growth in demand for ores and metals.