By Rogerio Jelmayer
SÃO PAULO--Brazilian mining giant Vale SA posted a net-profit
increase of 17.3% in the second quarter, as lower debt-service
costs helped to offset lower revenue.
Vale, the world's largest iron-ore producer, on Thursday
reported a second-quarter net profit of $1.68 billion, up from
$1.43 billion a year ago.
The company's debt-service costs totaled $215 million in the
second quarter, down from $983 million the previous year.
Vale's net revenue dropped 29.7% to $6.96 billion.
Its earnings before interest, taxes, depreciation and
amortization, or Ebitda, tumbled 46.1% in the period to $2.2
billion.
Vale was able to reduce its cost and expenses in the period, to
$4.93 billion, compared with $6 billion in the second quarter of
2014.
The company invested a total of $2.1 billion in its operations
in the period, down from $2.47 billion one year ago.
Vale is the world's largest iron-ore producer, and China is the
biggest consumer and Vale's top customer.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
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