Rio Tinto Limited (ASX:RIO, LON:RIO) has rebounded from an annual loss to a profit of $US3.67 billion and hiked its full year dividend by 15 per cent.
The world’s second-biggest miner’s 2013 net profit came in above expectations after reporting a net loss of $US3.03 billion the year before, weighed down by write-downs.
Underlying profit rose 10 per cent to $US10.2 billion, supported by production records and the completion of five major capital projects over the year.
Since CEO Sam Walsh was appointed at the beginning of 2013 the company has beaten its cost cutting target and reduced operating cash costs by $US2.3 billion.
Rio Tinto says a 15 per cent lift in its full year dividend to $1.92 cents per share reflects the sustainable growth of the business.
Shares in Rio Tinto lost 0.4 per cent to end at $67.83 yesterday in Australia ahead of the release of the results announcement, but lost 0.5 per cent in European trade following the announcement.
