Rio Tinto H1 profit rises 12 percent, hikes interim dividend

(Reuters) - Global miner Rio Tinto said on Wednesday its first-half profit rose 12 percent, missing expectations, but hiked its interim dividend and earmarked an additional $1 billion to share buybacks.

Underlying earnings for the six months to June 30 of $4.42 billion were below forecasts of $4.53 billion, according to estimates in an independent compilation of 15 analysts, but were above $3.94 billion a year ago, as higher iron ore output overcame lower prices.

Rio declared a half-year dividend of $1.27 a share, equivalent to $2.2 billion, up from $1.10 a share a year ago.