THE OK (VALE3) reported net income of $6.2 billion in the second quarter of the year, according to the report released by mining company this Thursday (28).
The amount reached in the period represents a decrease of 17.7% compared to the same period in 2021, when the company reported gains of US$ 7.53 billion.
Net income attributed to shareholders totaled US$ 6.15 billion between April and June this year. Net income from continuing operations attributable to shareholders reached US$ 4.09 billion.
Market consensus expected profit of $ 4.31 billion, according to a survey by the Bloomberg.
The company’s net sales revenue totaled US$ 11.15 billion in the quarter, down 32.4% from the amount recorded a year earlier, of US$ 16.51 billion.
Vale anticipated, in its production and sales report, that the sales volumes of fines and iron ore pellets totaled 73.2 million tons between April and June of the year, with 64.3 million tons of iron ore (down 2.3% year-on-year) and 8.8 million tons of pellets (up 15. 6%).
In the quarter, iron ore production reached 74.1 million tonnes, down 1.2% compared to the amount recorded in the same period last year.
Adjusted Ebitda (earnings before interest, taxes, depreciation and amortization) more than halved to $5.25 billion due to lower iron ore and copper prices at the end of the quarter. The margin contracted from 68% in the first quarter of 2021 to 47% in the last three months ending in June.
Free cash flow increased by $1.06 billion quarter-on-quarter to $2.29 billion.
The growth, Vale said, is explained by the positive impact of working capital in the second quarter and the seasonally higher income tax paid in the first quarter.
The cash and cash equivalents position decreased by US$1.45 billion, primarily due to the disbursement of US$2.59 billion in share repurchases in the quarter and the acquisition of US$1.29 billion of bonds.
Vale announced the distribution of dividends in the gross amount of BRL 3.572056566 per share, with BRL 2.032680337 per share as dividends and BRL 1.539376229 per share as interest on equity (JCP).
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