Australian iron ore giant Rio Tinto has announced its financial results for 2017, posting a net profit of US$8.76 billion for the given year, rising by 90 percent compared to the previous year. In 2017, Rio Tinto’s consolidated sales revenues increased by 18.5 percent year on year to US$40.03 billion, primarily due to higher average commodity prices.
Rio Tinto's net profit from its iron ore unit in the given year amounted to US$6.69 billion, up 45 percent year on year. Rio Tinto's underlying earnings before interest, taxes, depreciation and amortization (EBITDA) for its iron ore unit were 35 percent higher year on year at US$11.52 billion in the given year.
In 2017, Rio Tinto's iron ore sales from its Pilbara operations amounted to 330 million mt, up one percent year on year, reflecting ongoing productivity improvements being made to the rail network, along with increased flexibility across the infrastructure system. In the same period, the company’s iron ore production from Pilbara remained stable year on year at 329.8 million mt.
According to Rio Tinto's statement, in the current year Rio Tinto’s iron ore shipments from the Pilbara region are expected to be between 330 million mt and 340 million mt, subject to market conditions and any weather constraints.