Brazil’s Mining Giant CVRD Posts Record Net Profit, a 97% Boost

Brazzil Magazine covers

Companhia Vale do Rio Doce Companhia Vale do Rio Doce, in the mining sector, announced this week that it had record net profit of US$ 4.095 billion in the second quarter of 2007, an increase of 97.1% over the same period last year. Gross revenues, according to the company, totaled US$ 8.899 billion, also a record value and 45.2% over the total registered in the second quarter of 2006.

According to the company, the increase in sales of the products the company trades was the factor that most influenced the growth of revenues. Sales of non-ferrous minerals answered to 44.2% of revenues, ferrous minerals to 42%, products in the aluminum chain to 8.1% and logistics services to 4.7%.

Exports generated US$ 3.9 billion, also a historic result, according to the mining company, and 54.1% more than in the period between April and June 2006. The main destinations were China, Japan, the United States, Taiwan, Germany and South Korea. The domestic market answered to 15.2% of company revenues, only behind China, with 17.9%.

In the first half, accumulated revenues totaled US$ 16.579 billion, an increase of 53.1% over the first six months of last year. Exports, in turn, totaled US$ 6.4 billion, 33% more than in the first half of 2006.

Investment made by the company totaled US$ 1.439 billion in the second half, 75.9% more than in the same period in 2006. In the half, investment reached US$ 5.759 billion. Excluding acquisitions made by the company, the total investment in the half was US$ 2.779 billion, 46.5% more than in the first six months of 2006.

Anba

Tags:

You May Also Like

Brazzil Magazine covers

Ronaldinho Forsees Tough Defenses Against Brazil at World Cup

Ronaldinho knows being the best player in the world has its burdens. One of ...

Brazzil Magazine covers

Hacker or Google’s Inside Job? In Brazil Controversial Orkut Pages Disappear

Some Brazilians are accusing Google of suppressing freedom of expression in the still of ...

Brazzil Magazine covers

Lula Announces Brazil Will Reach 5-Year-Plan Target One Year Ahead of Schedule

Brazil expects to achieve the trade flow target set in the 2004-2007 Multiannual Plan ...

Brazzil Magazine covers

Brazil Debuts 17-Million-Strong National Directory of Businesses

The Brazilian Ministry of Development, Industry and Foreign Trade in order to cater to ...

Brazzil Magazine covers

Honduras to Dominate Mercosur’s Summit. Brazil Still Refuses to Accept New President

The Honduras' situation and the dispute over the recognition of just-elected Porfirio Lobo as ...

Brazzil Magazine covers

Brazil Reminds Paraguay that Itaipu Was Built with Brazilian Money

The president of Brazil, Luiz Inácio Lula da Silva and the Brazilian ministerial cabinet ...