Sydney, Australia
Anglo-Australian mining giant Rio Tinto said Wednesday its net profit slumped more than 40 percent in the past six months, citing weaker demand and lower commodity prices.
Earnings after tax fell to US$5.1 billion in the first half of 2023, as the price of iron ore, copper and alumina fell. That was down from $8.9 billion in the same period a year ago.
“We saw lower prices, in general, for our commodities, in line with slowing global demand,” the company told investors.
Revenues fell in most major markets, including China, the United States, Japan and Europe.
Despite the earnings miss, chief executive Jakob Stausholm said the company was still set for “long-term success” with the all-important iron ore business remaining solid.
But Stausholm said he was “mindful that we need to raise our game across many of our other operations”.
© Agence France-Presse