Rio Tinto Group stock forecast 2013

Rio Tinto Group stock forecast 2013 : Rio Tinto Group (RIO), the world’s third- largest mining company, said first-half profit dropped 22 percent after prices for iron ore, copper and aluminum fell and costs at its operations gained.

Net income declined to $5.9 billion from $7.6 billion a year earlier, London-based Rio said today in a statement. That compares with the $5.04 billion average of 11 analyst estimates compiled by Bloomberg. Net income was boosted by a $1 billion so-called deferred tax benefit after Australia introduced its Mineral Resource Rent Tax on July 1.

esult was slightly better than expected; however, it has not bucked the trend of diversified miners showing lower year-on-year earnings, continues to generate large profits on its high-margin iron ore business and through further growth in both iron ore and copper, profits from Rio Tinto are forecast to grow significantly in 2013.

Rio Tinto, the biggest ore-exporter behind Rio de Janeiro- based Vale SA (VALE), advanced 2.9 percent to 3,220 pence by the close of trading in London, the highest since May 3.The company increased its interim dividend 34 percent to 72.5 cents a share, even as underlying profit slumped by 34 percent to $5.2 billion.

Rio is expanding iron ore operations, including a $4.2 billion spending plan approved in June, even as prices drop. An expansion at its Pilbara business in Western Australia to increase capacity to 283 million tons a year is on schedule to be completed by the end of 2013, Rio said today.

Rio today maintained its estimate for 2012 spending of $16 billion to expand mines and build new operations. That includes a project to boost annual iron-ore output in Australia’s Pilbara region to 353 million tons by mid-2015 from current capacity of 230 million tons.

Spending in 2013 may be lower and the company will ‘‘pause for breath’’ on any further expansion in the Pilbara beyond 353 million tons, Albanese said on a conference all today.

For the latest updates on the stock market, PRESS CTR + D or visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today

Related Post:

earnings reports

• Alcoa Inc earning per share $0.06 revenues of $5.9 billion
• Alcoa Inc.earnings estimates report january 8 2013
• Analysis Easyjet dividend profit margins jump
• AMD Q3 Revenue expected down 2012
• Discover Financial Services (DFS) earnings estimates report september 27 2012
• Walgreen (WAG) earnings estimates report september 28 2012
• Red Hat earnings estimates report september 24 2012
• earnings report to watch september 10 2012
• Pandora Media earnings report august 30 2012
• Vivendi earnings report august 30 2012
• Earnings Report to watch 8/30/2012
• FDIC insured banks earnings report august 29 2012
• JoS. A. Bank Clothiers earnings report august 29 2012
• Zumiez earnings estimate report august 30 2012
• Frontline Q2 Earnings Conference Calls August 29, 2012
• Star Bulk Carriers Conference Call Q2 august 29 2012
• Pandora Media Q2 earnings estimates report August 29, 2012
• Companies Earning report week 27- 31 august 2012
• Hewlett-Packard Earnings results Q3 estimated report 8/22/2012
• Dell Earnings results Q2 estimated report 8/21/2012
• earnings report to watch week 20-25 August 2012
• Walmart Earnings per share forecast 2013
• Walmart Q2 Earning Report 8/16/2012
• Sysco Corp Earning estimates report 8/13/2012
• Groupon Earning estimates report 8/13/2012