Rio Tinto
(ASX:RIO) has released its full year results for the 2016 calendar year.
The world’s second largest mining company beat analysts’ expectations by reporting higher than expected underlying earnings – an increase by 12% to $5.1 billion.
Its profit after tax for the year was $4.78 billion, which is a significant improvement over its $1.72 billion loss in 2015.
The company says these results are due to a strong recovery in commodity prices in the second half of last year, and cost-cutting measures.
Rio Tinto declared a final dividend of US$1.25 per share, which will be paid in April 2017. And this brings its total dividend in 2016 to US$1.70 per share.
