06 May 2011 19:35 [Source: ICIS news]
SAO PAULO (ICIS)--Brazil's Vale said on Friday that total first-quarter revenues from fertilizer nutrients rose 2.3% to $787m (€543m), compared with $769m reported in the fourth quarter of 2010.
The company also reported a 66.3% jump in first-quarter adjusted earnings before interest, tax, depreciation and amortization (EBITDA) to $143m from $86m in the preceding quarter, pushed up primarily by higher prices.
Sales of phosphate rock represented the largest volume increase, up 23.2% to 626,000 tonnes, compared with 508,000 tonnes in the last quarter of 2010. This was in line with the production ramp-up at Vale's Bayovar Phosphate project in Piura, Peru, the company said.
Vale said first-quarter revenues from the sale of phosphates products were $536m, a 4.7% increase from the pevious quarter.
The company reported first-quarter sales of potash were down 16.2% from the previous quarter to $62m on lower volumes - 134,000 tonnes, compared with 174,000 tonnes in the fourth quarter of 2010. According to the company, the drop in volumes sold was mainly due to maintenance stoppages and the lower average grade of the feed received by the plant.
Vale also mentioned a marked seasonality in sales to the Brazilian market, which tend to be stronger in the second half of the year.
($1 = €0.69)
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