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Brazil's Vale reports record-high earnings in Q1 of 2011

05-06-2011 09:39 BJT

RIO DE JANEIRO, May 5 (Xinhua) -- Brazil's mining giant Vale, the world's leading iron ore producer, reported on Thursday record high results in the first quarter of 2011.

The company's net earnings reached 6.8 billion U.S. dollars in the first three months of the year, up 15.4 percent from the fourth quarter of 2010 and 325.6 percent from the same period last year. The amount is equivalent to 1.29 dollars per share on a fully diluted basis.

According to Vale, the first quarter results are record-high even after excluding non-recurring earnings from the transaction with aluminum assets. The company stressed that first quarter performances tend to be weaker due to weather related events.

Vale attributed the good performance to its strategy of expanding production primarily through organic growth, "developing world-class assets anchored on the optimization of capital allocation, against a backdrop of a strong global demand for minerals and metals."

Operating revenues reached 13.5 billion dollars in the first quarter, down 10.9 percent from the fourth quarter of 2010 and up 97.8 percent from the first quarter that year.

The figures were also record-high for the period. Operating income, as measured by adjusted EBIT (earnings before interest and taxes), reached 7.9 billion dollars, up 11.2 percent from 4Q10 and 286.5 percent year on year. EBIT margin totaled 48.9 percent, from 48 percent in 4Q10 and 31.2 percent in 1Q10.

Cash generation, as measured by adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) totaled 9.1 billion dollars, up 3.5 from 4Q10 and 221 percent year on year.


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Editor:Du Xiaodan |Source: Xinhua

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