Vale first quarter earnings drop 19% on-year amid seasonal, pricing issues
RIO DE JANEIRO, AFP
May 2, 2014, 12:21 am TWN
RIO DE JANEIRO--Brazilian mining giant Vale Wednesday announced first quarter earnings had dropped 19 percent compared to the same period last year.
It said it had earnings of US$2.5 billion, down from US$3.1 billion last year.
However, the results marked a comeback from the fourth quarter of 2013, when the company posted a US$6.45 billion loss.
Its earnings dropped 89 percent in 2013.
Vale said, "We have seen progress across all our business segments, despite the seasonal effects of the beginning of the year and the more challenging pricing environment."