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BHP FY profits sink to five-year low
(Sharecast News) - Mining giant BHP said on Tuesday that full-year profits had fallen to a five-year low, with sluggish demand from China weighing on iron ore prices. BHP posted a 26% drop in underlying profits to $10.16bn, below consensus estimates of $10.22bn and the lowest since 2020's Covid-impacted trading year, while revenues dropped 8% to $51.26bn due to the impact of lower iron ore prices and weakness in steelmaking coal markets.
BHP also paid its lowest dividend in eight years, although its final dividend of $0.60 per share, down from $0.74 a year earlier, was higher than anticipated, reflecting lower debt and the disposal of non-core assets in Brazil.
The FTSE 100-listed group stated copper production helped offset weakness in other commodities, making up 45% of the company's underlying earnings. On the other hand, average realised prices for iron ore fell 19%.
BHP also raised its net debt target range to $10bn-20bn, up from between $5bn and $15bn, stating the decision follows technical analysis.
Reporting by Iain Gilbert at Sharecast.com
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