Rio Tinto Posts Weak H1 Results Despite Improved Operations At Pilbara
Portfolio Pulse from Lekha Gupta
Rio Tinto PLC (NYSE:RIO) reported H1 2023 sales revenue of $26.7 billion, down 10% Y/Y. Iron-ore shipments from Pilbara increased by 7% Y/Y, while mined copper production fell 1% Y/Y. Underlying EBITDA fell to $11.7 billion from $15.6 billion, and underlying EPS fell 34% Y/Y to $3.52. The company's net debt stood at $4.35 billion as of June 30, 2023. RIO shares are trading lower by 2.16% at $68.30 premarket.
July 26, 2023 | 11:33 am
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NEGATIVE IMPACT
Rio Tinto reported a decrease in H1 2023 sales revenue, underlying EBITDA, and EPS. Despite increased iron-ore shipments, the company's shares are trading lower.
Rio Tinto's H1 2023 results show a decrease in sales revenue, underlying EBITDA, and EPS, which are key financial indicators. Despite increased iron-ore shipments, the negative financial results are likely to impact investor sentiment, leading to a decrease in the company's share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100