Rio Tinto (RIO), Australia's 2nd biggest mining company & one of the world's leading iron ore producers delivered a 17.9% fall in its 1H13 underlying profit to $US$4.2 billion. The result (out after market close) was in-line with consensus; however held back by weaker iron ore prices. Its cost cutting and productivity improving measures continue - US$1.5 billion in cost reduction and a reigning in of capital expenditure. RIO reiterated its guidance for iron ore and copper (two of its most profitable commodities) for 2013. A AU$0.93 per share dividend was announced, payable to eligible shareholders on September 12. Watch here. (VIEW LINK)
CommSec is Australia's leading online broker. CommSec has been committed to providing the best in online trading since 1995. CommSec helps make informed investment decisions with comprehensive market research, free live pricing and powerful...
Could be well positioned for a strong second half after the release of today's China iron import figures.