July 27, 2017 / 9:43 AM / a year ago

Brazil's Vale net income drops on FX, asset writedowns

RIO DE JANEIRO, July 27 (Reuters) - Brazil’s Vale SA posted net income that missed estimates in the second quarter, weighed down by a weaker currency and writedowns on the value of several assets, the world’s largest iron ore producer said on Thursday.

In a securities filing, Vale said net income totaled $16 million, compared with an average consensus estimate of $421 million. Net profit reached $949 million when adjusted for foreign exchange impacts and one-off items.

Adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, hit $2.729 billion, below a consensus estimate of $2.854 billion compiled by Thomson Reuters. (Reporting by Bruno Federowski; Editing by Edmund Blair)

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