10 Feb 2012

Rio profit well down

11:01 am on 10 February 2012

Rio Tinto has reported a 59% fall in profits. The group made a net profit of $US5.8 billion last year, down from $US14.3 billion in 2010.

The drop was largely due to the poor performance of its aluminium business, Alcan.

Chief executive Tom Albanese, who oversaw the Alcan takeover in 2007, says he takes full responsibility for the decision, and a $US9 billion write-down of the unit's value.