Rio Tinto has joined BHP and Fortescue in making a discretionary cut to its dividend payout ratio.
Rio Tinto has joined BHP and Fortescue in making a discretionary cut to its dividend after full-year profits fell by 38 per cent to $US13.27 billion.Jakob Stausholm has been Rio Tinto chief executive for just over two years.While less than half last year’s bumper dividends, it was still better than analysts had expected.
Analysts had expected Rio to declare underlying earnings of $US13.39 billion according to consensus figures published by VUMA. Benchmark ore with 62 per cent iron was fetching $US123.60 a tonne on February 15 according to Platts.Fortescue paid out 65 per cent of earnings last week, down from 70 per cent last year.
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