Rio Tinto Half-year Net Profit Doubles To $1.7bn

Rio Tinto half-year net profit doubles to $1.7bn

SYDNEY, (Pakistan Point News - APP - 3rd Augst,2016) - Mining giant Rio Tinto Wednesday more than doubled its first-half net profit amid a recovery in iron ore prices this year after steep falls sparked by softening Chinese demand and a supply glut. But underlying profit at the Anglo-Australian firm, which is the measure preferred by Rio, was down 47 percent to $1.56 billion. Net profit was $1.71 billion in the six months to June 30, up from $806 million in the corresponding period last year.