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Rio Tinto H1 profit soars on prices

Staff Writer | August 2, 2017
Rio Tinto reported that its first-half net earnings climbed 93 percent to $3.31 billion from last year's $1.71 billion.
Rio Tinto
Rio Tinto   Underlying earnings were $3.94 billion
Basic earnings per share grew to 184 U.S. cents from 95.3 US cents a year ago.

Underlying earnings were $3.94 billion, compared to $1.56 billion a year earlier. Underlying earnings per share were 219.4 US cents, compared to 87 US cents last year.

Underlying EBITDA was $9.04 billion, up 68 percent from the prior year.

Consolidated sales revenues were $19.3 billion, $3.8 billion higher than 2016 first half, primarily due to higher average commodity prices.

Further, Rio Tinto announced cash generation of $6.3 billion and cash returns to shareholders of $3.0 billion.

The company announced 2017 interim dividend of 110 US cents per share, equivalent to $2.0 billion, 144 percent higher than last year's 45 US cents per share.

The Company also increased share buy-back by $1.0 billion in Rio Tinto plc shares.

Looking ahead, Rio Tinto said production guidance is unchanged from the second quarter operations review.