Iron ore price drop "drags down" Vale's (VALE.US) Q1 net profit by 17% year-on-year.

According to the Wise Finance APP, Brazilian mining company Vale (VALE.US) announced its first quarter financial results on Thursday. The data shows that due to the decline in iron ore prices, the company's first quarter net revenue was $8.12 billion, a 4% decrease compared to the same period last year, analysts had expected $8.03 billion; Net profit decreased by 17% year-on-year to $1.39 billion, while analysts had previously expected $1.68 billion.