São Paulo – The net profit of mining company Vale dropped from USD 2.4 billion in Q1 of this year to USD 16 million in Q2, according to data made available by the company this Thursday (27). According to Vale, the sharp decline is a reflection of ore’s lower prices and the dollar appreciation against the real in the period.
Vale’s operational revenues totaled USD 7.23 billion from April to June, which meant a decline of 15% over January to March. The Middle East generated USD 209 million to the company, accounting for 2.9% of total business in Q2. In this year’s Q1, the region generated USD 293 million, accounting for 3.4%.
In reais, the company’s profit totaled BRL 60 million (USD 19.21 million) in this year’s Q2, a decline of 98.3% over the same period of last year. Net operational revenues increased 8.3% to BRL 23.3 billion (USD 7.46 billion) in the same comparison.
*Translated by Sérgio Kakitani
