I just read through 3 media reports on RetardTinto's results, It's unbelievable the pat on the back they receive from those media reporters, if it were FMG OMG forget about it!
Net debt rose by $US1.2 billion over the past six months to $US13.7 billion, to allow for the "materially increased" round of shareholder returns that Rio shareholders have been enjoying.
The company spent $US1 billion on share buybacks in the first half of 2015 as well improving dividends to shareholders.
When asked if it was sustainable to increase debt to improve shareholder returns, Rio's chief financial officer Chris Lynch said the effort to pay down debt during 2013 and 2014 was enabling the company to carry more debt at the moment.
"We have got very robust coverage at the moment ... I think we are in very good shape, and having that robust balance sheet is very important to us," he said.
Barclays analyst David Butler said the miner was handling the poor market conditions well.
"A strong set of results from Rio in which they continue to adjust to the poor current market conditions with aplomb," he said.
Read more: http://www.smh.com.au/business/mini...-estimates-20150806-gisp9m.html#ixzz3i4eqJ11x
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Iron Ore Price, page-1253
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$17.73 |
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-0.210(1.17%) |
Mkt cap ! $54.59B | |||
| Open | High | Low | Value | Volume |
| $17.86 | $18.00 | $17.67 | $106.1M | 5.956M |
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| No. | Vol. | Price($) |
|---|---|---|
| 1 | 3136 | $17.73 |
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| Price($) | Vol. | No. |
|---|---|---|
| $17.76 | 10562 | 2 |
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