SAO PAULO (Reuters) -Brazilian miner Vale SA said on Thursday its second-quarter net income fell 18.9% from the previous year, hit mainly by a sharp decline in iron ore prices, but nonetheless trouncing analysts’ estimates.
Vale, one of the world’s largest iron ore miners, posted net income of $6.15 billion, above expectations of $2.837 billion, according to a Refinitiv forecast. Recurring net income, however, fell 49.8% from the year before.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at $5.25 billion, down 53.1% year-on-year.
In the three months ended in June 30, Vale realized $113.3 per tonne of iron ore, down from the $184.8 per tonne in the same period of 2021.
(Reporting by Peter Frontini; Editing by Leslie Adler and Christian Plumb)
