The company announced a net profit of 1.8 billion dollars for the first three months of 2023
Vale announced a net profit of 1.8 billion dollars for the first three months of 2023 in a statement to Brazil's main stock exchange on Wednesday. The company's first quarter net profit decreased by 59% year-on-year.
The decline in sales and the fall in iron ore prices had a negative impact on the company's first quarter net profit.
Revenues down by 22%, costs up 5.4
Revenues fell 22% to $8.4 billion. This figure also fell short of analysts' estimate of $9.2 billion. Costs rose 5.4% to $5.4 billion.
Earnings before interest, taxes, depreciation and amortization fell short of estimates at $3.6.
According to the company's statement, iron ore prices were 108.6 dollars
Vale's iron ore prices averaged $108.6 per ton during the quarter.
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