Seeking Alpha

Rio Tinto underlying profit climbs 10%

  • Rio Tinto's (RIO) 2013 underlying profit rose 10% to $10.2B and topped consensus of $9.7B, boosted by $2.3B in cost cuts.
  • The mining giant swung to a net profit of $3.7B from a loss of $3B in 2012, when it took significant charges on its aluminum and coal assets. Consensus was for $7.59B.
  • Last year's net profit reflects non-cash exchange losses of $2.9B and impairments of $3.4B, notably on Rio's Mongolian Oyu Tolgoi copper project.
  • Plans to cut another $3B in costs this year.
  • Net debt dropped by $1.1B to $18.1B.
  • Rio reported record output of iron ore, bauxite and power-station coal for 2013.
  • Iron ore output +5% to 266M metric tons.
  • Rio Tinto increased its final dividend to $1.92 from $1.67 a year earlier. (PR)
Comments (1)
  • valsorim
    , contributor
    Comment (1) | Send Message
     
    Rio Tinto is supééééér. Ahóóóóój!
    13 Feb, 03:06 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector

Next headline on your portfolio:

|