Arab Today, arab today brazils vale posts 144bn loss in third quarter
Last Updated : GMT 15:19:09
Arab Today, arab today
Arab Today, arab today

Brazil's Vale posts $1.44bn loss in third quarter

Arab Today, arab today

Arab Today, arab today Brazil's Vale posts $1.44bn loss in third quarter

Brazilian mining company Vale
Rio de Janeiro - AFP

 Brazil mining giant Vale, the world's largest ore producer, posted Thursday a surprise net loss in the third quarter due to depreciation of the real and a drop in iron-ore prices.
For the July to September period, Vale recorded net losses of $1.44 billion, set against a net profit of $3.5 billion in the same period last year.
The company registered record production of iron ore, with 85.7 million tons produced between July and September, but Vale's chief financial officer Luciano Siani said profits suffered due to slumping sales.
While increased volumes yielded a positive impact, cash flow generation dropped from $4.1 billion to $3 billion due to lower sales.
"We had sold a little less than we could," Siani said in a video on Vale's website.
In the third quarter, the Brazilian real depreciated 11.4 percent against the dollar. That increased the value of Vale's debt, the company explained.
But Siani sought to restore confidence in investors, and said profits are expected to bounce back.
"Going forward, the devaluation of the real actually has a positive impact on value cash flows because it lowers the cost base of the company, it lowers the capital expenditures when expressed in US dollars," Siani said in a video on Vale's website.
"We acknowledge the challenging times, We believe the company is on track delivering solid operational production results, continue reducing cost and expenditures, trimming its capital expenditures, focusing on it quarter business and will deliver more and more value to its shareholders in the near future."
The results surprised the markets, as net profits were projected for the third quarter in line with earlier gains.
In the second quarter of this year, Vale recorded net profits of $1.43 billion.
The global price of iron ore, which accounts for over two thirds of Vale's production, has slipped by about 40 percent this year to $68 per ton, compared to $110 per ton last year.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today brazils vale posts 144bn loss in third quarter Arab Today, arab today brazils vale posts 144bn loss in third quarter

 



Arab Today, arab today
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday