Brazil Property News: Vale posts rise in profits




24th October 2008 07:00


Those considering buying property for sale in Brazil could be interested to hear one state-owned mining firm has posted a rise in profits, it has been reported.

Vale announced yesterday (October 23rd) that its third-quarter net profit rose to $4.8 billion (£3 billion), according to Reuters.

This figure beats last year's third-quarter profit of $2.9 billion by more than one-third (35 per cent).

A company statement added that earnings before interest, taxes, and depreciation rose to $6.4 billion from $4 billion during the same period last year.

Vale is the world's third biggest mining company and the largest iron ore producer.

Meanwhile, it was reported by Mercopress that state-owned oil firm Petrobras announced record levels of production for oil and gas last month.

In what could be seen as a further sign of economic buoyancy in the nation, the firm revealed it produced 1,897,563 barrels per day in September, a growth of 7.26 per cent compared to the same period last year.


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