7/27/2022, 8:26 AM (Source: TeleTrader)
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Rio Tinto's net earnings drop 28% YoY to $8.9B in H1

Rio Tinto Group announced on Wednesday that its net earnings in the first half of the fiscal year landed at $8.9 billion, falling 28% compared to the corresponding period a year ago.

The company's underlying earnings before interest, taxes, depreciation, and amortization (EBITDA) were 26% lower year on year, standing at $15.6 billion in the first half of 2022. Meanwhile, diluted earnings per share (EPS) stood at $5.47, down by 28% on a yearly basis. Operating profit plummeted by 30% to $12.2 billion in the six months ending with June 30, 2022.

"Market conditions were good, albeit below last year's record levels. [...] The market environment has become more challenging at the end of the period," commented Rio Tinto Chief Executive Jakob Stausholm. "Our operations and growth projects continue to be impacted by the high unplanned absences, tight labor markets, rising input costs, and supply chain disruptions," the company said.

Baha Breaking News (BBN) / AB