Rio Tinto suffers record profit drop

MELBOURNE: Rio Tinto Ltd/Plc, the world's second-largest miner, is poised for a comeback after posting a record drop in half-year profit and selling off shares and assets to slash debt.

First-half underlying earnings slumped 54 percent, in line with market forecasts, as metals prices and demand collapsed, and Rio slid to a loss in its aluminum business, which it expanded two years ago with an ill-timed takeover of Alcan.

Underlying January-June earnings fell to $2.565 billion from $5.526 billion a year ago, matching analysts' forecasts.