Rio Tinto PLC (RIO)'s 2011 profit was dragged down by a US$9.29 billion impairment charge mainly against the value of its struggling aluminum business .
The company booked an US$8.86 billion charge to reflect a fall in the value of its aluminum assets, plus a smaller impairment charge for its diamonds business in anticipation of higher costs to complete underground development of a key mine. The charges pushed Rio to a loss for the second half of the year of about US$1.76 billion from a profit of US$8.39 billion a year earlier.
"The current environment in the aluminum industry is tough," Albanese said, pointing to low prices and rising costs, compounded by running surpluses for the industry over the past five years.
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