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Summary Rio Tinto profit falls but still above expectations for the six months to June 30.
MINING giant Rio Tinto has beaten market expectations to post a better than expected net profit of nearly $US6 billion ($A5.7 billion) for the six months to the end of June.The company has also bumped up the interim dividend by 34 per cent to US72.5c a share, compared to US54c for the same period last year.After 30 years of production, Rio will close down its depleted Blair Athol coal mine in central Queensland.Analyst consensus had been for a figure between $US4.5 billion to $US5.7 billion, for an average of $US5 billion.The result, posted after trading finished on the Australian market today, was solid given the slide in commodity prices since the same time last year.Rio said weaker prices had stripped $US1.9 billion from its sales.While underlying earnings were down 34 per cent on the same half last year, the bottom line was just 22 per cent lower at $US5.9 billion, compared to $US7.6 billion previously.MINING giant Rio Tinto has beaten market expectations to post a better than expected net profit of nearly $US6 billion ($A5.7 billion) for the six months to the end of June.The company has also bumped up the interim dividend by 34 per cent to US72.5c a share, compared to US54c for the same period last year.After 30 years of production, Rio will close down its depleted Blair Athol coal mine in central Queensland.Analyst consensus had been for a figure between $US4.5 billion to $US5.7 billion, for an average of $US5 billion.The result, posted after trading finished on the Australian market today, was solid given the slide in commodity prices since the same time last year.Rio said weaker prices had stripped $US1.9 billion from its sales.While underlying earnings were down 34 per cent on the same half last year, the bottom line was just 22 per cent lower at $US5.9 billion, compared to $US7.6 billion previously.
