Rio Tinto Ltd
(ASX:RIO) has reported a record full year profit of $14 billion, and, announced that it will return $5 billion to shareholders as well as boost its dividend by 20 per cent.
CEO Tom Albanese says Rio Tinto is reinvigorated, running strongly and benefiting from favourable markets.
In the year to 31 December 2010, the global miner posted an 82 per cent improvement in EBITDA to $26 billion while cash flows were up 70 per cent to $23.5 billion.
In the same period net debt reduced to $4.3 billion, down from $18.9 billion a year earlier.
Rio will return $5 billion to shareholders through a share buyback by the end of 2012.
The company has also declared a final dividend of $US0.63 per share, lifting the total dividends for the year by 20 per cent to $US1.08 per share.
Rio Tinto reported a net profit of $7.4 billion in the first half of its 2010 financial year.
