- 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)
Rio Tinto underlying profit climbs 10%
Feb 13 2014, 03:26 ET