By Rhiannon Hoyle


Rio Tinto reported a 19% decline in annual net profit and cut its payout to shareholders following a drop in aluminum and copper prices.

The world's second-biggest miner by market value said Wednesday that it made a net profit of $10.06 billion in 2023. That was down from a profit of $12.39 billion in 2022.

Underlying earnings--a closely watched profit measure that strips out some one-time charges--totaled $11.76 billion, down 12%. Analysts expected underlying earnings of $11.64 billion, according to a consensus estimate compiled by Visible Alpha from 18 forecasts.

Directors declared a final dividend of $2.58 a share, taking the miner's total payout for the year to $4.35 a share. It paid investors $4.92 a share for 2022.

Rio Tinto's earnings were weighed by lower prices for the aluminum and copper it sells. That was offset by a slight rise in the price it received for its Australian iron ore, which accounts for most of the company's profits.


Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com


(END) Dow Jones Newswires

02-21-24 0110ET