{"id":282630,"date":"2011-02-26T08:25:58","date_gmt":"2011-02-26T08:25:58","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/02\/26\/brazil-companies-post-profits\/"},"modified":"2011-02-26T08:25:58","modified_gmt":"2011-02-26T08:25:58","slug":"brazil-companies-post-profits","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/02\/26\/brazil-companies-post-profits\/","title":{"rendered":"Brazil companies post profits"},"content":{"rendered":"
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You Are Here: Home<\/a> \u00bb Africa\/International<\/a> \u00bb Brazil companies post profits<\/p>\n

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\t\t\t \tPage last updated at Saturday, February 26, 2011 8:08 AM \/\/ <\/span>\n\t\t\t <\/div>\n

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Brazil\u2019s two biggest companies have posted record profits for 2010, in the latest sign of the South American nation\u2019s growing economic might.<\/p>\n

The oil giant Petrobras \u2013 which is partly state-owned \u2013 made $20bn (\u00a312.4bn).<\/p>\n

The mining company Vale made $17.3bn (\u00a310.7bn), more than tripling its profits of the year before.<\/p>\n

The two Brazilian companies have benefited from high global prices and rising demand for oil and iron ore.<\/p>\n

Both are planning major expansion in the next few years.<\/p>\n

Petrobras\u2019s profits were up 17% on the year before, largely as a result of high oil prices.<\/p>\n

The oil giant raised $70bn in funds last year in the world\u2019s largest-ever public share offering.<\/p>\n

That capital will be used to fund the development of huge oil reserves recently discovered off the coast of Rio de Janeiro.
<\/strong><\/p>\n

\u2018Best days\u2019<\/strong><\/p>\n

Vale, the world\u2019s second biggest mining company and biggest iron ore producer, said its highest-ever net profits were the result of a \u201cstellar performance\u201d.<\/p>\n

\u201cWe are living through our best days,\u201d Vale\u2019s chief executive Roger Agnelli said in a company statement.<\/p>\n

\u201cHowever, given the size and quality of our pipeline of growth projects, amid a scenario of sustained global demand growth for our products, I strongly believe that even better days are ahead of us,\u201d he added.<\/p>\n

Vale operates in more than 30 countries, but the export of Brazilian iron ore \u2013 above all to China \u2013 accounts for around two-thirds of its revenue.<\/p>\n

It has been enjoying much higher income since it moved from an annual to a quarterly system for negotiating ore prices.<\/p>\n

Other major oil and mining companies around the world also posted huge profits for 2010 as the result of high commodity prices and rising demand in emerging economies, coupled with economic recovery in developed nations.<\/p>\n

Earlier this month Brazilian President Dilma Rousseff announced $30bn in public spending cuts in order to curb inflation and help stop the economy from overheating.
Source: BBC<\/p>\n

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You Are Here: Home \u00bb Africa\/International \u00bb Brazil companies post profits Page last updated at Saturday, February 26, 2011 8:08 AM \/\/ Brazil\u2019s two biggest companies have posted record profits for 2010, in the latest sign of the South American nation\u2019s growing economic might. The oil giant Petrobras \u2013 which is partly state-owned \u2013 made $20bn (\u00a312.4bn). The mining company Vale made $17.3bn (\u00a310.7bn), more than tripling its profits of the year before<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-282630","post","type-post","status-publish","format-standard"],"yoast_head":"\nBrazil companies post profits - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/02\/26\/brazil-companies-post-profits\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Brazil companies post profits - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"You Are Here: Home \u00bb Africa\/International \u00bb Brazil companies post profits Page last updated at Saturday, February 26, 2011 8:08 AM \/\/ Brazil\u2019s two biggest companies have posted record profits for 2010, in the latest sign of the South American nation\u2019s growing economic might. 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