Australian iron ore giant Rio Tinto has announced its financial results for the full year of 2012, registering a net loss due to lower average prices for the year.
Rio Tinto posted a net loss of US$3 billion in the given year, compared to a net profit of US$5.8 billion in 2011. The company's consolidated sales revenues in 2012 amounted to US$50.9 billion, down 16 percent year on year. Rio Tinto's underlying earnings before interest, taxes, depreciation and amortization (EBITDA) were 32 percent lower year on year at US$19.41 billion last year.
Meanwhile, Rio Tinto's net debt increased from US$8.5 billion on December 31, 2011 to US$19.3 billion on December 31, 2012, as strong operating cash inflows were offset by outflows relating to capital expenditure, acquisitions, the increase in dividend and the company’s share buyback program.
In 2012, Rio Tinto’s iron ore production totaled 254 million mt, with its Pilbara operations reaching a record annual production of 239 million mt, up four percent year on year.