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Vale's second-quarter profit down, misses estimates
July 25, 2012 / 9:15 PM / in 5 years

Vale's second-quarter profit down, misses estimates

SAO PAULO, July 25 (Reuters) - Vale , the world’s largest iron ore producer, posted net income of $2.662 billion in the second quarter, compared with $6.452 billion in the same period of 2011, according to a securities filing on Wednesday.

The Rio de Janeiro-based company was expected to earn $2.998 billion from April through June, according to the average estimate of 10 analysts in a Reuters poll. Profit was $3.827 billion in the first quarter of this year.

Earnings before interest, tax, depreciation, amortization and other items, a measure of operational profitability known as adjusted EBITDA, came in at $5.119 billion, well below an estimate of $6.265 billion in the poll. (Reporting by Guillermo Parra-Bernal)

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