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RIO $71.67

News: Rio Tinto FY dividend higher plus share buyback



  1. Rio Tinto Limited (ASX:RIO) has seen its profits and earnings fall but it has boosted its dividend and announced a $US2 billion share buyback in the 2014 full year.
     
    The miner showed underlying earnings of $US9.3 billion, down from $US10.2 billion the year before blaming falling commodities prices and a tough operating environment.
     
    CEO Sam Walsh says continued financial and operating discipline enabled the company to offset lower commodity prices. 
     
    Having previously committed to materially increase cash returns the company says it will boost its full year dividend by 12 per cent to $US2.15 per share on top of the $US2 billion share buyback.  
     
    The company says it will focus on cost reduction going forward with further improvements of $750 million expected in 2015. 

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