The Anglo-Australian mining company Rio Tinto has disclosed that its net profit fell 14 percent year on year to US$3.25 billion in the first half of 2007.
However, the company registered a record cash flow from operations for the first six months, at US$5.64 billion, 11 percent higher compared to the same period last year.
Despite selling iron ore and other industrial commodities at considerably higher prices, the fall in net profit was caused by higher costs and taxes.