Rio races deflation (members)

Friday, 8 August 2014

The media is full of praise for yesterday afternoon’s Rio results. This is no surprise given the MSM’s penchant for groveling so let’s dig a little deeper.

At $5.1 billion for the first half (up 21%) it was a modest beat of consensus estimates at $4.9 billion (the AFR managed to cook up a much lower consensus figure somehow). Here is the rest:

Increased underlying earnings by 21 per cent to $5.1 billion. Underlying earnings per share rose to 276.8 US cents.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.