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Rio Tinto got 30% profit increase due to the strong Asian market

One of the giants in the mining sector - Rio Tinto, announced impressive profit growth for first half of 2011. With a major contribution to the strong results were higher commodity prices and strong demand from Asian economies. The net profit for the first six months of the year amounted to 7.6 billion USD. For the same period last year Rio Tinto profit of 5.8 billion USD. The growth of 30 per cent of profit, however, proved unsatisfactory for market participants and the company's shares have lost about 2 percent today. From Rio Tinto has announced that the program for the repurchase of shares will be increased by 2 billion USD to 7 billion USD. The deadline for operation by the end of March 2012.
"Rio Tinto has achieved yet another record result. Market conditions remained favorable during the past six months due to high demand from Asia", was announced in a statement. The company, however, indicate a risk to the markets of raw materials, mostly related to the debt crisis in Europe and the unclear prospects for the US.