Rio Tinto FY23 Profit Down On Weak Revenues; Cuts Dividend

(RTTNews) - Anglo-Australian mining giant Rio Tinto Plc (RTNTF, RIO, RIO.L, RTPPF) reported Wednesday that its fiscal 2023 profit after tax attributable to owners of the company fell 19 percent to $10.06 billion from last year's $12.39 billion.

Underlying earnings were $11.8 billion, compared to $13.4 billion a year ago. Underlying earnings per share were 725.0 US cents, compared to 824.7 US cents last year.

Underlying EBITDA of $23.89 billion declined 9 percent from last year's $26.27 billion.

Consolidated sales revenue was also down 3 percent to $54.04 billion from last year's $55.55 billion.

In 2023, overall copper equivalent production grew over 3 percent.

Further, the company announced full year ordinary dividend of 435 US cents per share, down 12 percent from 492.0 US cents a year earlier.

Looking ahead for fiscal 2024, the company projects Pilbara iron ore shipments of 323 to 338 million tonnes, compared to prior year's 331.8 million tonnes.

In Australia, Rio Tinto shares traded on Wednesday at A$125.80, down 1.75 percent.

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