CVRD ends 2006 with record profits

Vale do Rio Doce ended 2006 with record production, sales and earnings. Last year, its total profit was R$ 13.431 billion, representing R$ 5.56 per share, a rise of 28.6% compared to the same period the previous year, when profits totaled R$ 10.443 billion, according to the company’s balance sheet data under BR GAAP, that is, under Brazilian accounting rules. According to the company, the result includes a portion of R$ 867 million from CVRD Inco, a unit that emerged from the purchase of Inco of Canada. In the 4th quarter, Vale obtained a profit of R$ 3.368 billion (R$ 1.39 per share), exceeding by 27.7% the same quarter the previous year.


In 12 months, the mining company’s gross revenues hit a record, as well, totaling R$ 46.746 billion, 32.2% more than in 2005. Records were posted in the production of iron ore, alumina, aluminum, copper, potassium and kaolin, which were reflected in record shipments of these products, as well, according to the report on results. In 2006, the company became the largest supplier of iron ore to China, reaffirming its global leadership.


Between October and December, CVRD’s gross revenues totaled R$ 16.692 billion, also a new record for an individual quarter, 81.4% higher than 2005s 4th quarter results.


The generation of operating cash, measured by EBITDA (earnings before interest, taxes, depreciation and amortization), was R$ 22.759 billion on the year, compared to R$ 16.7 billion in 2005. During the third quarter, the company’s EBITDA was R$ 7.957 billion, or 89.4% higher than the same quarter in 2005, of R$ 4.201 billion.

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Fonte: Valor Online

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