Rio Tinto reports rise in full-year profits
Rio Tinto reports rise in full-year profits
Friday 12th February 2010
The world's third largest mining company Rio Tinto has reported its net profits rose to $4.9 billion last year compared to $3.7 billion the year before.The mining giant said a strong second-half 2009 performance had helped to cut its debt, but overall profits were hit by lower commodity prices.
The company also expressed serious concern for four employees currently detained in Shanghai.
The group have been held in China since July last year, over charges of receiving bribes and stealing commercial secrets.
Sam Walsh, chief executive Rio Tinto Iron Ore, said today: "We are very concerned about the nature of these charges, however, as this is part of an ongoing legal process, it is inappropriate to comment any further."
The firm added that it continues to hope for a transparent and expeditious process for its employees.
Rio Tinto reported a pre-tax profit of $7.86bn (£5.02bn) for 2009, down 14 per cent on 2008. Rio Tinto's chairman Jan du Plessis said: "Achieving underlying earnings of $6.3 billion is a commendable result for the group, especially during a year of rapidly changing macro economic conditions.
"During 2009 we took decisive actions to recapitalise the balance sheet and to reduce operating costs.
"We have witnessed a substantial recovery in the pricing of most of our key commodities over the past twelve months, driven largely by government measures in response to the global financial crisis. The bottoming out of the global economy and cutbacks in production have also influenced commodity prices. Looking forward, we believe that the factors that drove price recovery in 2009 will continue through 2010."
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