half year results, page-2

Rio Tinto 1H Net Profit Doubles To US$6.9 Billion From Yr Ago

26/08/2008 04:11PM AEST

MELBOURNE (Dow Jones)--Rio Tinto Ltd. (RTP) said Tuesday its net profit for the half ended June 30 more than doubled on year to US$6.91 billion, from US$3.25 million for the same period a year earlier.

Underlying earnings climbed 55% to US$5.47 billion from US$3.53 billion last year, ahead of an average of six analyst forecasts collected by Dow Jones Newswires of US$5.2 billion.

Chairman Paul Skinner said while there has been some slowing in global growth rates, the impact on Rio Tinto's markets has been modest.

"While the equity markets are currently focused on downside risks, we believe there are potential offsets on the upside based on continued strength in commodity demand, low inventory levels and a supply side which continues to face multiple constraints," he said.

Consolidated sales revenue for the half more than doubled to US$27.2 billion from US$12.1 billion last year and the miner posted an interim dividend of 68 U.S. cents per share, up from the 52 cents posted last year.