Brazil's CVRD, the global mining giant released earnings in second quarter of this year. The data show that the iron ore and nickel ore prices fell in second quarter net profit fell nearly 60 percent to $ 2.66 billion, down 30.4 percent.
 
Second quarter, Vale, operating income down 21% year-on-year to $ 12.2 billion, but the ring than the capital expenditure increased by 7.2%; interest taxes depreciation and amortization profit (EBITDA) was $ 5.12 billion, down 43.6 percent year on year, the ring was an increase of 3.1%; $ 4.3 billion (excluding acquisitions), the ring was an increase of 16.6%.
 
Vale quarterly financial data is lower than expected, after analysts predict the company's quarterly net profit is expected to reach $ 3.4 billion, operating income reached $ 12.4 billion.
 
Vale iron ore prices fell negative factors have offset the increase in production, in addition, the Brazilian Real against the U.S. dollar depreciation of non-cash balance sheet effect also have a certain impact on earnings, so that dollar-denominated debt pre-tax profit growth accounting fees.
 
Vale said: "Despite these negative factors led to a decline in net profit, but did not affect the cash flow we will continue to develop large-scale projects, is committed to meet to achieve long-term growth in demand for raw materials, to create value from emerging economies . "
Second quarter of the company's derivatives business to a loss of $ 416 million, including $ 459 million in exchange rates and interest rate swaps losses, but the nickel ore derivatives business to a profit of $ 43 million.



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