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

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.

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