Rio profit dips on price falls
Source: Agencies |
August 21, 2009, Friday
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Print Edition
Print Edition
MINING giant Rio Tinto said sharp falls in metals and mineral prices were behind first-half profit dropping by nearly two-thirds.
The world's third-largest miner yesterday reported a net profit of US$2.5 billion for the six months ended June 30, down 65 percent from a year earlier, and was cautious about whether recent gains in commodity prices would be sustained.
"However, the expectation that development in emerging markets will generate underlying strength in metals and minerals demand over the long term remains broadly unchanged," Chairman Jan du Plessis said in a statement.
He said the Anglo-Australian company is financially stronger after using money raised from a recent share issue to reduce net debt by US$14.8 billion.
Last week, rival miner BHP Billiton Ltd revealed a 61.8 percent fall in profit for the year through June, also due to commodity price falls.
The world's third-largest miner yesterday reported a net profit of US$2.5 billion for the six months ended June 30, down 65 percent from a year earlier, and was cautious about whether recent gains in commodity prices would be sustained.
"However, the expectation that development in emerging markets will generate underlying strength in metals and minerals demand over the long term remains broadly unchanged," Chairman Jan du Plessis said in a statement.
He said the Anglo-Australian company is financially stronger after using money raised from a recent share issue to reduce net debt by US$14.8 billion.
Last week, rival miner BHP Billiton Ltd revealed a 61.8 percent fall in profit for the year through June, also due to commodity price falls.
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