Vale s profit slumps 58pc on lower prices
Vale's profit slumps 58pc on lower prices

Brazilian mining giant Vale has reported a 58.7 percent drop in second-quarter net profit, compared with the same period last year, citing lower prices for iron, nickel and copper.

A statement on Wednesday from the world's top iron ore producer said net profit totaled $US2.662 billion during the period, down from $US6.452 billion during the same period last year.

Vale said the results also suffered "a large accounting non-cash balance sheet impact" arising from the devaluation of the Brazilian real.

The West Australian

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