SteelOrbis

Rio Tinto posts net profit for 2016

Wednesday, 08 February 2017 16:10:27 (GMT+3)   -   Istanbul
SteelOrbis News

Australian iron ore giant Rio Tinto has announced its financial results for 2016, posting a net profit of US$4.61 billion for the given year, compared to a net loss of US$866 million recorded in 2015. In 2016, Rio Tinto’s consolidated sales revenues decreased by three percent to US$33.78 billion compared to the previous year, primarily due to lower average commodity prices.
 
Rio Tinto's net profit from its iron ore unit in 2016 amounted to US$4.61 billion, up 17 percent year on year. Rio Tinto's underlying earnings before interest, taxes, depreciation and amortization (EBITDA) for its iron ore unit were 11 percent higher year on year at US$8.52 billion in the given year. 
 
In 2016, Rio Tinto's iron ore sales from its Pilbara operations amounted to 327.6 million mt, up three percent year on year, while its iron ore production from Pilbara increased by six percent year on year to 329.5 million mt, due to the ramp-up of expanded mines, operational productivity improvements and minimal disruption from weather events.
 
According to Rio Tinto's statement, in the current year the company expects iron ore shipments from Pilbara to be between 330 million mt and 340 million mt, subject to weather conditions.

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