Brazil-based miner Vale has announced its financial results for the first quarter of the current year, reporting a net profit of $3.2 billion, decreasing by 10.1 percent compared to the first quarter of the previous year. The company's sales revenues in the first quarter amounted to $10.9 billion, decreasing by 5.34 percent year on year. Vale saw an operating profit of $4.15 billion, down 6.75 percent compared to the corresponding quarter of the previous year.
According to Vale, despite the 3.5 percent year-on-year fall in iron ore output in the first quarter, the company managed to maintain iron ore shipments slightly higher than in the first quarter of 2012, employing its distribution network to use inventories to continue maximizing its exposure to price recovery. Vale also stated that it achieved a reduction in operating costs and other expenses and remains strongly committed to pursuing further significant decreases.
The company's iron ore and pellet shipments in the given quarter totaled 65.1 million mt, remaining unchanged compared to the same quarter of 201, while decreasing by 23.2 percent quarter on quarter. In the first quarter, shipments of iron ore were 55.67 million mt, up 1.6 percent, while pellets shipments amounted to 9.42 million mt, down 9.4 percent, both year on year.
