Rio Tinto full-year profit jumps 69%; announces US$1b buyback

Bengaluru

GLOBAL miner Rio Tinto said on Wednesday that its full-year profit rose 69 per cent in 2017, boosted by higher prices for commodities such as iron ore and coal, announcing an additional US$1 billion share buyback and a record dividend.

Underlying earnings for the 12 months ended Dec 31 rose to US$8.63 billion from US$5.10 billion a year earlier, roughly in line with analyst estimates of about US$8.74 billion, according to Thomson Reuters I/B/E/S.