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Rio Tinto Profit Up 42% in 2006

Global miner Rio Tinto Thursday said its full-year net profit for 2006 climbed 42.6% to a record $7.44 billion, from $5.22 billion a year earlier, meeting analysts' expectations.

The Anglo-Australian miner, which is the world's second biggest iron ore producer, said underlying earnings rose 48% to $7.34 billion from $4.96 billion in 2005. Turnover rose 22.6% to $25.44 billion from $20.74 billion.

Chairman Paul Skinner said the company sees a number of uncertainties in the global economy and expects some moderation of growth. But growth in China remains strong and well balanced.

"We continue to view the overall outlook for commodities as positive, with prices remaining well above their long run averages in 2007," he said.