Vale Q2 Profit Rises; To Buy Back $1 Bln Of Shares

Brazilian metals and mining company Vale S.A. (VALE) reported net income of $76 million in the second-quarter of 2018, up from $16 million in the same quarter last year.

Underlying earnings rose to $2.09 billion in the second quarter from $832 million last year

Net operating revenues grew to $8.62 billion from $7.24 billion in the prior year.

The company announced a share buyback program of US$1 billion to be executed within the period of one year.

The company also announced US$2.054 billion of shareholder remuneration to be paid in September 2018.

by RTTNews Staff Writer

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