- 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)
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From other sites
at Nasdaq.com (Mar 3, 2015)
at Benzinga.com (Feb 24, 2015)
at Investor's Business Daily (Feb 12, 2015)
at Nasdaq.com (Feb 12, 2015)
at CNBC.com (Jan 19, 2015)
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