CVRD's earning down 18% over Q1 2004.

South American Business Information, May, 2004

Brazil, May 13, 2004 (Valor Economico /SABI via COMTEX)

The Brazilian mining company CVRD (Companhia Vale do Rio Doce) registered a net profit of R$954mil in the Q1 2004 (Jan-Mar), an 18% fall in comparison to R$1.16bil in the same period in 2003. The company argued that the real valuation over the US dollar affected the indebtedness in US dollar as well as the acquisition of Samitri made an impact of R$183mil in the group's cash. Ebitda reached R$1.34bil and operating margin registered 51.5%, which has been the best result since the Q1 1999. Operating gross income reported R$2.73bil, an 8.5% raise over the Q1 2003 and a 5% fall if compared to the Q4 2003 (Oct-Dec). Consolidated exports amounted to US$1.01bil, a 26.7% growth over the Q1 2003, and net exports...

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