Brazilian miner and iron ore producer Vale went from a net profit of $3.7 billion in Q4 2018 to a net loss of $1.5 billion in Q4 2019. However, net revenues in Q4 reached $9.9 billion, 1.5 percent up, year-on-year.
Adjusted EBITDA in the last quarter of 2019 was $3.5 billion, down from $4.4 billion in Q4 2018. Adjusted EBITDA margin in Q4 declined to 35 percent from 46 percent in Q4 2018.
Vale attributed the net loss to Brumadinho provisions and related dam expenses, including decommissioning dams, investments, and legal settlements.
As for the full-year of 2019, Vale reported a net loss of $1.6 billion, compared to the $6.8 billion net profit it posted in the full-year of 2018.