NEW YORK (TheStreet) -- Shares of Rio Tinto (RIO) are up 1.68% to $58.13 in pre-market trade after the mining company said first half profit was up 21%, the result of record iron ore shipments, setting the stage for an increase in cash returns to investors from next year. Bloomberg Businessweek reports
Underlying profit rose to $5.1 billion in the six months ended June 30 from $4.2 billion a year earlier, the company said. That compares with the $4.5 billion average estimate of 10 analysts surveyed by Bloomberg.
Rio raised its dividend by 15% to 96 cents per share.