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Vale Posts Record Quarterly Profit on Higher Iron Ore Production, Prices
May. 06, 2011 10:16AM PST
Base Metals Investing Bloomberg reports that Vale SA (FRA:CVLD,ETR:CVL), the world’s largest iron-ore producer, posted a record quarterly profit as revenue doubled, fueled by higher sales of metals.
Bloomberg reports that Vale SA (FRA:CVLD,ETR:CVL), the world’s largest iron-ore producer, posted a record quarterly profit as revenue doubled, fueled by higher sales of metals.
The market news is quoted as saying,
First-quarter net income rose to $6.83 billion, or $1.29 a share, from $1.6 billion, or 30 cents, in the year-ago period, Rio de Janeiro-based Vale said late yesterday in a filing. Vale was expected to post per-share profit of $1.11 on an adjusted basis, the median of 12 estimates compiled by Bloomberg.