Vale's net earnings down in Q1
Brazilian iron ore giant Vale (NYSE: VALE) posted net income of US$2.52bn in the first quarter, down 19.1% from US$3.11bn in the same period of 2013, mostly due to a more challenging pricing environment for the metallic commodity.
"The average sales price was impacted by the fall of the IODEX iron ore reference price by US$14.2/t and by the fact that in 1Q14 we incurred US$349mn in gross revenues losses on the adjustment of price provisions recorded at the end of 4Q13," the company said in its latest earnings release.
Vale's iron ore and pellets sales in Q1 reached 67.8Mt, up 4.02% from 65.1Mt year-on-year. However, "iron ore sales volumes were below potential as the company positioned around 3Mt of the 71.1Mt production along the supply chain to support greater flexibility and stronger sales volumes in the coming quarters."
Vale's gross operating revenues fell 10.8% to US$9.68bn in the quarter, from US$10.9bn in 1Q13.
Adjusted Ebitda totaled US$4.06bn, down 22.2% on the same period of the previous year.
Iron ore output reached 71.1Mt, the best performance for a first quarter since 1Q08. It reported record nickel (67,500t) and coal production(1.8Mt) in a first quarter, the release reads.
"Iron ore output increase reflected better weather conditions, the ramp-up of plant 2 and the start-up of the Conceição Itabiritos project, which reached close to 25% of its nominal capacity at the end of the quarter," the company said.
Rio de Janeiro-based Vale is the world's largest iron ore producer and exporter.
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