24 April 2013 23:50 [Source: ICIS news]
HOUSTON (ICIS)--Brazilian miner Vale reported underlying earnings of $3.2bn (€2.5bn) in first quarter of 2013 on Wednesday, despite some setbacks in recent months with projects such as the Rio Colorado potash mine in Argentina.
Those earnings were up by $1.2bn quarter on quarter but down by $400m year on year.
Q1 operating revenue was $11.2bn, compared with $12.5bn from Q4 and $11.8bn from the same time in 2012.
“The quality of our financial performance is highlighted by the fact that cost and expenses were an important source of improvement, for the first time in many years,” said Vale in a statement.
"Operating costs as well as SG&A [selling, general and administrative expenses] and other expenses were meaningfully reduced as an outcome of several initiatives being implemented. It is not an one-off event, and we remain strongly committed to pursue further significant decreases,” said Vale.
($1 = €0.77)
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