Rio Tinto
(ASX:RIO) announced a stellar six months to the end of the financial year, as well as a new US$1 billion share-buyback program.
The buyback program is in addition to its US$500 million buyback, which it's completed over half of.
Its net profit attributable to shareholders rose to US$3.3 billion in the first half of FY2017, compared to US$1.7 billion in the same period in 2016.
The metals and mining giant saw the bolstered results on the back of portfolio growth and divestments, which of course includes the sale of its Coal and Allied business to Yancoal
(ASX:YAL) for US$2.69 billion.
Meantime, Rio’s EBITDA hit US$9 billion in the six months to 30 June 2017, which was a 68 per cent jump compared to the first half of FY2016.
On the back of high average commodity prices, its consolidated sales revenue rose by US$3.8 billion to hit US$19.3 billion the first half of 2017.
In more good news Rio and its shareholders, it declared a 2017 interim dividend of US$1.10 per share, which is a rise of 144 per cent (on pcp). The dividend is equivalent to US$2 billion and will be paid on 21 September 2017.
At the same time, the company also reduced its debt by US$2 billion to US$7.6 billion.
Shares in Rio Tinto
(ASX:RIO) last traded at 0.17 per cent lower yesterday to $65.84.
