Brazilian mining and metals group CVRD (NYSE: RIO) saw its net earnings soar 133% year-over-year to 5.10bn reais (US$2.51bn) in the first quarter of 2007, pushed by last year's acquisition of Canadian nickel miner Inco.
"The market [demand] is very good and it is likely to remain this way for the next two years," CVRD CEO Roger Agnelli told journalists during a webcast Friday, adding the company's market value surpassed US$100bn on May 4.
Gross operating revenues in January-March jumped 101% to 16.6bn reais compared to 8.28bn reais in same-period 2006, CVRD said in a report. Ebitda rose 138% to 8.94bn reais versus 3.75bn reais in 1Q06.
Net exports increased 10% to US$2.26bn in the 2007 quarter over US$2.05bn in same-period 2006.
Earnings from the CVRD Inco subsidiary amounted to 1.58bn reais in the 2007 quarter, while the unit contributed 6.74bn reais to the group's operating revenues in 1Q07. The subsidiary added 3.92bn reais to CVRD's Ebitda in the period.
CVRD's nickel sales in 1Q07 amounted to 71,000t.
IRON ORE
Iron ore and pellets shipments in 1Q07 came in at 65.4Mt, up 4.4% year-over-year. Sales of iron ore rose 1.7% in the quarter to 55.8Mt, while pellet shipments increased 23.4% to 9.6Mt.
CVRD shipped 21.9Mt of iron ore and pellets to China in January-March 2007, up 25% from same-period 2006.
The group aims to reach iron ore production of 450Mt in 2011, Agnelli said. The Brazilian has already reported a goal of 300Mt for this year.
CVRD aims to look over its growth plan to revise "the next objectives and challenges and how to surpass them," the CEO said, adding the group plans to announce the targets for coming years at end-2007.
Rio de Janeiro-based CVRD, the world's largest iron ore producer, also has interests in alumina, bauxite, kaolin, potash, and copper, as well as railroads.
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