Brazil’s Vale, one of the world’s largest miners, reported a first quarter net profit down 59% from a year earlier, far below analyst expectations, as profits were dragged down by weaker sales and lower iron ore prices.

The company posted a net profit of $1.8 billion for the first three months of 2023, in a filing to Brazil’s main stock exchange on Wednesday, while analysts polled by Refinitiv had forecast a profit of $2.4 billion.

Last week, the miner had already reported a slip in iron ore sales volume, blaming it on port loading restrictions and supply chain rebalancing after strong sales in the previous quarters.

Revenues, meanwhile,fell 22% to $8.4 billion, also lagging analysts’ $9.2 billion forecast. Meanwhile, costs rose 5.4% to $5.4 billion.

Earnings before interest, taxes, depreciation and amortization came in at $3.6, below analysts’ $4.3 billion estimate.

Over the quarter, Vale said that prices for its iron ore had averaged $108.6 per tonne, down from the $141.4 per tonne it reported for the same period last year.