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Name | Symbol | Market | Type |
---|---|---|---|
Vale SA | NYSE:VALE | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.20 | 0 | 01:00:00 |
SÃ O 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.
The increase in revenue came amid a hike in iron ore prices, which reached $65.50, in average, per metric ton in the third quarter, versus $62.11 in the year-ago period, according to Metal Bulletin Index, cited by Vale.
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.
The company invested $1.26 billion in its operations in the third-quarter, down from $1.88 billion in the third quarter of 2015.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
(END) Dow Jones Newswires
October 27, 2016 05:35 ET (09:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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