Rio Tinto Ltd

RIO: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$988.00	Nqdg	Cvsbcwmq

Rio Tinto Earnings: Driven Lower by Moderating Commodity Prices and Higher Costs

Jon Mills

Jul 27, 2023

Rio Tinto’s adjusted net profit after tax, or NPAT, fell 34% to USD 5.7 billion or USD 3.53 per share, driven by lower commodity prices and higher unit cash costs. Adjusted EBITDA of USD 11.7 billion was 25% below the first half of 2022 and about 4% below our estimate. Lower realised prices accounted for USD 3.3 billion of the difference, with higher costs also contributing. However, cost headwinds are starting to moderate as inflation reduces.

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