Rio Tinto net profit declines 22% Y-o-Y in first half of 2012
Metal Recycling News | 2012-08-08 09:36:33
Rio Tinto has announced its financial results for the first half of 2012, registering solid financial results driven by the record operational performance of its iron ore division.
By Paul Ploumis
LONDON (Scrap Monster): Rio Tinto has announced its financial results for the first half of 2012, registering solid financial results driven by the record operational performance of its iron ore division.
Rio Tinto posted a net profit of US$5.9 billion in the given period, down 22% compared to the net profit of US$7.6 billion in the corresponding period of 2011.
The company's consolidated sales revenues amounted to US$25.33 billion, down 12.8% year-on-year.
Rio Tinto's underlying earnings before interest, taxes, depreciation and amortization (EBITDA) were 29% lower year-on-year at US$10.07 billion in the first six months of the current year.
In the first half of the year, Rio Tinto's Pilbara mines in Western Australia achieved a record output of 114 million mt, up 4% year-on-year, while production continued to exceed sales as the business prepared itself for expansion to 283 million mt per year.
Phase one Pilbara iron ore expansion to 283 Mt/a on track for completion by end of 2013. Second phase expansion to 353 Mt/a to be operational by the first half of 2015.
