Rio profit dives but in line with expectation

Rio Tinto's first half underlying earnings dropped 18%, exactly as expected.

Rio Tinto (RIO) has flagged further economic volatility in the medium term and is pushing ahead with its aggressive cost cutting drive.

The company reported a 71% drop in first-half profit to $1.72 billion following a $1.85 billion charge on exchange rate differences for its debt and derivatives. Rio Tinto posted a $5.88 billion profit in the previous interim period.

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