Rio Tinto: Result 2012

A poor result masked important strategic changes that herald the return of the old Rio Tinto.

Rio Tinto reported a statutory loss for the first time in its long corporate history. Lower commodity prices contributed to a 16% fall in revenue to US$51bn and previously flagged asset writedowns ensured the US$2.9bn loss recorded for the full year compared to a US$14bn profit last year. On an underlying basis, that is, excluding the asset writedown, net profit fell a mere 40% to US$9.3bn. As an act of penance, Rio increased dividends substantially, from 145 US cents last year to 167 US cents (fully franked, ex date 6 Mar).




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