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.

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).

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Gaurav Sodhi

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