7/29, 8:21 AM (Source: TeleTrader)
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Rio Tinto's net earnings fall 20% YoY to $3.32B in H1

Rio Tinto Group announced on Wednesday that its net earnings in the first half of fiscal 2020 landed at $3.32 billion, after falling 20% compared to the corresponding period a year ago.

The company's underlying earnings before interest, taxes, depreciation, and amortization (EBITDA) were 6% lower year on year, standing at $9.64 billion in the first half of 2020. Meanwhile, diluted earnings per share (EPS) stood at $2.04, 19% down on a yearly basis. However, operating profit rose by 11% to $5.85 billion in the six months ending with June 30, 2020.

"Our world-class portfolio of high-quality assets and our strong balance sheet consistently serve us well in all market conditions and particularly in turbulent times. This, together with our disciplined capital allocation, underpins our ability to sustain production, increase our investment in the business, pay taxes and royalties to governments and continue delivering superior returns to shareholders," CEO Jean-Sebastien Jacques said in a statement.

Breaking the News / MS