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Brazilian iron ore giant Vale (NYSE:VALE) reported a plunge in its second-quarter profit due primarily to softening commodity prices and a depreciation in the local currency, MarketWatch reported.
Brazilian iron ore giant Vale (NYSE:VALE) reported a plunge in its second-quarter profit due primarily to softening commodity prices and a depreciation in the local currency, MarketWatch reported.
As quoted in the market news:
Vale’s net profit sank 84% in the April-to-June period from a year earlier, to $424 million, falling well short of expectations. Analysts surveyed by FactSet had expected the firm to post $2.68 billion in net profit.
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