Rio Tinto annual net profit soars 90% on strong commodity

Rio Tinto reported a bumper annual net profit of USD 8.76 billion for 2017 today, almost doubling the previous year's result as commodity prices strengthened.

The Anglo-Australian giant had posted USD 4.62 billion in annual net profit in the previous financial year, turning around a loss in 2015 when key metals prices slumped and the growth in Chinese demand slowed.

The company issued a record full-year dividend of USD 5.2 billion -- USD 2.90 per share -- and announced a billion- dollar share buyback.