Rio Profit Beats Estimates on Cuts to Combat Iron-Ore Slump
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Rio Tinto Group reported first-half profit that was better than expected as the world’s second-biggest mining company stripped out costs and reined in spending to combat lower iron-ore prices amid a slowdown in China.
Underlying profit fell 43 percent to $2.9 billion in the six months through June, from $5.1 billion a year earlier, London-based Rio said in a statement Thursday. That exceeded the $2.5 billion average of eight analyst estimates compiled by Bloomberg. It will pay a dividend of 107.5 cents a share.