Rio Tinto Diamonds Posts $10M Loss for H1

IDEX reports that lower production and increased costs eroded Rio Tinto Diamond’s (NYSE:RIO,LSE:RIO,ASX:RIO) bottom line.

The market news is quoted as saying,

Gross revenues declined by 4% to $313 million and earnings before interest, taxes, depreciation and amortization (EBITDA) fell by a third to $50 million.

The company’s diamond unit posted a $10 million net loss compared with a $34 million profit in the first half of 2010.

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