Rio Tinto Wednesday reported an annual net profit of US$4.62 billion, a strong turnaround from last year's loss amid a commodity price recovery.

The world's second-largest miner posted a US$866 million net loss in the previous financial year as key metals prices plunged and Chinese demand slowed.

Underlying profit in the year to December 31, a measure the Anglo-Australian miner prefers, came in at US$5.10 billion, a 12 percent increase from the prior period.