Australian iron ore giant Rio Tinto has announced its financial results for the first half of the current year, posting a net profit of US$1.71 billion for the given period, increasing from the net profit of US$806 million in the same period of 2015. In the first half this year, Rio Tinto’s consolidated sales revenues amounted to US$15.5 billion, down 13.8 percent year on year, due to the decline in commodity prices.
Rio Tinto's net profit from its iron ore unit in the first half amounted to US$1.74 billion, down 17 percent year on year, primarily attributable to lower prices, which were down 14 percent on average. The price impact was partly offset by higher sales volumes, a weaker Australian dollar, lower energy costs and the realization of further cost savings.