Leading global mining group Rio Tinto logged a 4% yearly drop in underlying earnings to $4.75 billion in the first six months of 2020, according to a report of the company on July 29.
It, whoever, was still better than previous expectation of $4.36 billion by analysts, bolstered by high prices of iron ore and recovering Chinese demand after the COVID-19 pandemic was under basic containment.
Iron ore prices embraced robust rebound since this year, thanks to China's slightly revived infrastructure projects and a cutoff of iron ore supply from Brazil.
The company's net earnings came in at $3.32 billion in the first half of this year, falling 20% from the year prior. The underlying EBITDA was $9.64 billion, a year-on-year decline of 6%.
During the same period, Rio Tinto's capital expenditure increased 13% to $2.69 billion, while free cash flow dropped 28% to $2.81 billion.
Its interim dividend increased from $1.51 a year ago to $1.55 per share, but Rio Tinto will lower the dividend for most Australian shareholders to A$2.1647 per share from A$2.1908, in the light of strengthening Australian dollar against the greenback.
(Writing by Tammy Yang Editing by Jessie Jia)
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