Rio's interim result was well flagged, so there was nothing surprising about the numbers themselves. Rio Tinto reported an 18% fall in underlying earnings to US$4.2bn for the half year ended 30 June due to lower commodity prices. In contrast, operating cash flow increased 62% to US$5.5bn due to lower taxes (including the Minerals Resources Tax) paid, and from underlying earnings per share of US$2.29 a fully franked dividend of US83.5 cents was declared (ex date Aug 14).
Rio Tinto: Interim result 2013
Lower iron ore prices have hurt profits but Rio's focus on cashflow and cost cutting means it's well on the way to redemption.
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