Brazil-based miner Vale has announced its financial results for the second quarter of the current year, reporting a net profit of $76 million, decreasing from the net profit of $1.59 billion recorded in the first quarter of this year. In the second quarter of 2017, Vale had posted a net profit of $16 million.
In the second quarter this year, Vale’s net operating revenues remained almost stable quarter on quarter at $8.16 billion, while rising by 19 percent year on year. The company’s adjusted EBITDA in the same quarter amounted to $3.9 billion, down 1.7 percent from the first quarter and up 43 percent from the corresponding period of the previous year.
Vale stated that in the given quarter its iron ore and pellets production and sales volumes achieved records for a second quarter, totaling 96.8 million mt and 86.5 million mt respectively, despite the severe truckers strike that affected Brazil during a 12-day period in May.