RIO DE JANEIRO — Brazil's Companhia Vale do Rio Doce, one of the world's top three miners, posted a record net profit of $5.009-billion (U.S.) in the second quarter, up 22.3 per cent from a year ago, helped by a hefty price hike for its iron ore.

Vale , the world's biggest iron ore producer, also said Wednesday that earnings before interest, taxes, depreciation and amortization (EBITDA) – a key measure of cash flow – rose 23 per cent to $6.218-billion under U.S. Generally Accepted Accounting Principles (U.S. GAAP).

Many analysts did not provide forecasts for Vale's second-quarter earnings as banks are restricted from talking about the firm due to its $12.17-billion global share offering last month.

Analysts had expected solid results for the second quarter, when a large 65 per cent to 71 per cent price hike for iron ore, agreed with clients in February, took effect.

World prices for nickel, however, have tumbled from a peak of more than $50,000 per tonne in 2007, closing at $17,678 Wednesday.

Brazilian media and several mining analysts have speculated that Vale's share offering was in preparation for a big overseas takeover. Executives at the firm have denied they are in takeover talks. Vale this year tried but failed to acquire Swiss rival Xstrata PLC in a deal some analysts valued as high as $90-billion.

Gross revenue rose 22.5 per cent to a record $10.89-billion, from $8.9-billion a year earlier.

Vale boosted iron ore and pellet production 7.9 per cent in the quarter from a year earlier to a record 78.858 million tonnes.