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Rio Tinto 2017 Profit Rises; Announces Additional $1 Bln Share Buy-back

Rio Tinto plc (RTPPF.PK,RIO.L,RIO,RTNTF.PK) reported that its 2017 net profit to owners of the company totalled $8.76 billion compared to $4.62 billion, prior year. Earnings per share in US cents was 486.9 compared to 255.3. Underlying earnings were $8.6 billion, 69 percent higher than prior year, driven by $4.1 billion impact of higher prices. Basic underlying earnings per share in US cents was 482.8 compared to 283.8.

Fiscal 2017 sales revenues were $40.03 billion compared to $33.78 billion, prior year, primarily due to higher average commodity prices.

Rio Tinto chief executive J-S Jacques said "Today we have announced a strong set of results with operating cash flow of $13.9 billion, a record full year dividend of $5.2 billion and an additional $1 billion share buy-back. This brings total cash returns to shareholders to $9.7 billion declared for 2017."

Rio Tinto's full year ordinary dividend is $5.2 billion, equivalent to 290 US cents per share, includes final dividend of $3.2 billion, equivalent to 180 US cents per share. The company also announced an additional share buy-back of $1.0 billion in Rio Tinto plc shares, to be completed by the end of 2018.

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