Vale's Q2 net profit surges with help from Indonesian asset sale
Time:Fri, 02 Aug 2024 06:36:05 +0800
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Brazilian iron ore miner Vale reported a net profit of US$2.77 billion for the second quarter of 2024, tripling the same period in 2023 and exceeding analyst predictions by US$1 billion. This result was also 65% higher than the US$1.68 billion profit in the first quarter of 2024.
The significant boost in earnings was largely due to a US$1.05 billion profit from the sale of PT Vale Indonesia in June, contributing to the statutory profit for the quarter. Vale's adjusted EBITDA for the quarter was US$3.99 billion, slightly below the expected US$4.06 billion.
Revenue increased by 3% to US$9.9 billion, with iron ore sales up by 7% from the previous year. However, higher freight and maintenance costs reduced proforma EBITDA by 6% compared to the second quarter of 2023. For the first half of 2024, revenue rose by 2% to US$18.379 billion.
