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    market news

    Vale SA Reports Higher Than Forecast Loss on $5.7B Writedowns

    Investing News Network
    Feb. 27, 2013 09:59PM PST
    Base Metals Investing

    Bloomberg reported that Vale SA posted a higher than forecast quarterly loss due to its writedowns of nickel assets and other properties.

    Bloomberg reported that Vale SA posted a higher than forecast quarterly loss due to its writedowns of nickel assets and other properties.

    As quoted in the market news:

    Vale posted a fourth-quarter net loss of $2.65 billion, or 51 cents a share, compared with a profit of $4.67 billion, or 91 cents, a year earlier, the Rio de Janeiro-based company said late yesterday in a statement. Earnings before interest, taxes, depreciation and amortization, or adjusted Ebitda, declined 41 percent to $4.39 billion, missing a $4.79 billion average estimate by 14 analysts compiled by Bloomberg.

    Click here to read the full Bloomberg report.

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