Vale attributed the fall in profits to one-time, non-cash, financial charges that do not reflect the company’s improved operational results.
The company’s profits have dropped every quarter for the last two years due to slower growth in China.
Vale’s net operating revenue for the second quarter of fiscal 2013 was $11.03bn, a slight decline from $12.46bn in the same quarter last year.
During the quarter, the company’s copper, gold and coal output increased to 91,300t, 63,000oz and 2.4Mt, respectively, while nickel output remained at 65,000t, its best second quarter since 2Q08.
Iron ore sales were a little above planned, 61.9Mt in 2Q 2013 and 117.6Mt in H1 2013, and in line with H1 2012.
