Rio Tinto Annual Net Profit Falls 19%, Dividend Pared
By Rhiannon Hoyle
Rio Tinto reported a 19% decline in annual net profit and cut its payout to shareholders following a drop in aluminum and copper prices.
The world's second-biggest miner by market value said Wednesday that it made a net profit of $10.06 billion in 2023. That was down from a profit of $12.39 billion in 2022.
Underlying earnings--a closely watched profit measure that strips out some one-time charges--totaled $11.76 billion, down 12%. Analysts expected underlying earnings of $11.64 billion, according to a consensus estimate compiled by Visible Alpha from 18 forecasts.
Directors declared a final dividend of $2.58 a share, taking the miner's total payout for the year to $4.35 a share. It paid investors $4.92 a share for 2022.
Rio Tinto's earnings were weighed by lower prices for the aluminum and copper it sells. That was offset by a slight rise in the price it received for its Australian iron ore, which accounts for most of the company's profits.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
February 21, 2024 01:10 ET (06:10 GMT)
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