Brazil's Vale Fourth-Quarter Net Profit Rises 47%
RIO DE JANEIRO--Brazilian mining giant Vale SA reported its most profitable year since 2012 on Tuesday, aided by lower impairment charges, higher average prices for iron ore and the end of its heaviest investment cycle ever.
Vale said its fourth-quarter net profit rose 47% from a year earlier to $771 million, bringing its total earnings for 2017 to $5.51 billion.
Chief Executive Fabio Schvartsman said in a filing that the results reflect "improvements in price realization, strict discipline in capital allocation and slightly improved results from nickel and coal."
"We aim to transform Vale into a predictable company," Mr. Schvartsman said.
Cash flow as measured by earnings before interest, taxes, depreciation and amortization, or Ebitda, fell 13% in the fourth quarter to $4.11 billion. Net operating revenues slipped 1.1% to $9.17 billion.
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(END) Dow Jones Newswires
February 27, 2018 18:07 ET (23:07 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.