Mining giant Rio Tinto half-year net profit falls 82%
Mining giant Rio Tinto
Sydney - Arab Today
Mining giant Rio Tinto Thursday reported a 82 percent drop in its first-half net profit as a supply glut and slowing Chinese demand sent iron ore prices plunging.
The Anglo-Australian firm said net profit was $806 million in the six months to June 30 from $4.4 billion in the same period last year.
Its underlying profit, the measure preferred by the company, was down 43 percent to $2.9 billion.
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