0918 GMT - Rio Tinto is among the most mentioned companies across news items over the past 12 hours, according to Factiva data, after the Anglo-Australian mining giant reported a 43% drop in first-half net profit. The world's second-biggest miner by market value booked $5.12 billion in the half-year, down from $8.66 billion a year prior, as prices of aluminum, copper and, most importantly, iron ore--which accounts for most of Rio Tinto's profits--declined. The drop was, however, broadly expected by analysts, and it shouldn't prompt any material changes to the miner's outlook or consensus forecast, analysts from RBC Capital Markets and Citi said. "If anything, we may see positive 2H revisions to iron ore with costs tracking better," RBC analyst Tyler Broda wrote in a research note. Dow Jones & Co. owns Factiva. (christian.moess@wsj.com)

(END) Dow Jones Newswires

July 26, 2023 05:34 ET (09:34 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
Rio Tinto (ASX:RIO)
Historical Stock Chart
From Nov 2024 to Dec 2024 Click Here for more Rio Tinto Charts.
Rio Tinto (ASX:RIO)
Historical Stock Chart
From Dec 2023 to Dec 2024 Click Here for more Rio Tinto Charts.