08 Aug 2012

Rio Tinto earnings down

I-Net Bridge

Johannesburg - Global miner Rio Tinto announced on Wednesday it had recorded a 34% drop in underlying earnings to $5.2bn for the first half of the year.

It attributed the drop to lower iron ore prices.

The miner said its net earnings for the same period were down 22% at $5.9bn and it recorded underlaying EBITDA (earnings before interest, taxes, depreciation, and amortization) of $10.1bn‚ with cash flows from operations at $7.8bn.

It declared an interim dividend of 72.5 US cents‚ 34% higher than 2011.

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