Rio Tinto posts earnings in line with expectations

Wednesday, 3 Aug 2016 14:24:04 | Stephen Letts

Commodity prices slumped late 2015 into early 2016 and miners have been under pressure to cut costs. (ABC: Stephen Stockwell)

Rio Tinto, the world's second-biggest mining company, has reported underlying earnings of $US1.6 billion for the first half, roughly in line with analysts' expectations.

Analysts polled by Bloomberg estimated underlying net profit to come at $US1.56 billion, while earnings before interest, tax, depreciation and amortisation (EBITDA) were predicted to come in at $US5.38 billion.

It is the first result for new chief executive Jean-Sebastian Jacques, who succeeded Sam Walsh last month.

Rio Tinto shares closed flat at $49.42 before the half-year results were released after the closing bell.

Rio Tinto announced a net loss of $1.2 billion for 2015, hit by a slump in commodity prices and slowing global growth. Rio Tinto and a raft of other global miners have been under pressure to slash costs as commodity prices tumbled late last year into early 2016.

The company has also approved a $338 million iron-ore mine development at its Silvergrass mine in Western Australia.

External Link: data wrapper

More to come.

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Rio Tinto posts earnings in line with expectations

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