Rio Tinto's profit, dividend lower amid cost pressures

Rio Tinto chief executive Jakob Stausholm says Rio hopes to improve costs at its Pilbara operations. (Will Russell/AAP PHOTOS) (AAP)

Softer iron ore prices and higher energy costs have dragged Rio Tinto's full-year profit down from record heights.

The mining giant on Wednesday announced underlying earnings of $US13.3 billion ($A19.4 billion) in the 2022 calendar year, a 38 per cent fall from 2021.