Brazil-based miner Vale has announced its financial results for the second quarter of the current year, reporting a net profit of $424 million, decreasing by 84 percent compared to the second quarter of the previous year. The company's sales revenues in the second quarter amounted to $11.03 billion, decreasing by 11.5 percent year on year. Vale saw an operating profit of $3.6 billion, down 9.1 percent compared to the corresponding quarter of the previous year.
During the second quarter, Vale produced 73.22 million mt of iron ore, falling 9.1 percent, while the miner's pellet production decreased by 16.7 percent to 12.33 million mt, both year on year. However, the operational performance of the iron ore segment was affected by the extension of the rainy season through May in the north of Brazil and the lack of flexibility of deeper pits under rainy conditions. In the given period, Vale's metallurgical coal output increased to 1.83 million mt, up 44 percent compared to the same quarter of 2012. The company's nickel output remained unchanged year on year, amounting to 65,000 mt.
In the first six months of the year, Vale's iron ore production amounted to 140.7 million mt, falling 6.5 percent, while its pellet production declined by 14.3 percent to 24 million mt, both compared to the same period of 2012. Vale produced 3.21 million mt of metallurgical coal in the first half, up 33.6 percent year on year. The company's nickel output was 130,000 mt, increasing by 4.9 percent year on year.