Brazilian Vale's net profit plunges in Q1
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Update time : 2023-04-27 20:02:09
Vale, a Brazilian multinational corporation engaged in metals and mining, reported its net profits in the first quarter decreased by 59% year on year to US$180 million. It was far below expectations. The drop in profit was impacted by sales and iron ore prices.
Meanwhile, Vale's revenue fell 22% to $8.4 billion, which was also lower than the previous forecast of US$9.2 billion. Besides, earnings before interest, taxes, depreciation, and amortization were US$3.6 billion, which was also below analysts' US$4.3 billion estimate.
