Rio Tinto plcNYSE
Aug. 8, 2013, 3:58 AM
- Rio Tinto (RIO): H1 underlying earnings -18% to $4.23B, hurt by falling commodity prices.
- Net profit -71% to $1.72B, due to $1.85B paper loss that from the effect of forex fluctuations on the value of the company's debt. Results also include a $340M charge related to the pit wall slide at the Bingham Canyon copper mine in the U.S.
- Lowered expenses by $1.5B, putting it on course to achieve targeted savings of over $5B by the end of 2014.
- While Chinese growth has slowed and is unlikely to recover significantly in H2, Rio doesn't expect a hard landing, says CEO Sam Walsh.
- Hasn't yet decided whether to invest another $5B on the iron ore division; will make it at the year-end.
- Scraps sale of Australasian aluminum assets, due to the market environment. Follows failure to sell the diamond unit.
- Declares interim of 83.5 cents, +15%.
- Shares +1.35% in London. (PR)
Feb. 14, 2013, 2:04 AMRio Tinto (RIO): 2012 net loss $3B vs profit of $5.8B a year earlier and consensus of $4B. First loss in at least 21 years. Underlying profit -40% to $9.3B vs forecasts of $9.1B. Revenue $50.97B vs $60.54B. Loss due to impairment charge of $14.4B, mainly related to aluminum operations and coal assets in Mozambique. Ups annual dividend 15% to $1.67/share. (PR) | Feb. 14, 2013, 2:04 AM