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BHP profit surges on pivot to copper
(Sharecast News) - Mining giant BHP on Tuesday reported a sharp jump in first-half earnings and lifted its dividend by 46% as its pivot towards copper production from iron ore paid off.
The Melbourne-based company posted a net profit of $5.64bn in the six months to December 31, up from $4.42bn a year earlier. Underlying profit rose 22% to $6.20bn, beating consensus estimates of $6.03bn.
BHP has lifted copper output over the past four years as demand for the commodity grows amid a push to greener technologies. Copper produced from its mines in Chile, South Australia and Peru delivered 51% of the company's earnings for the period.
"This is allowing us to maximise increased earnings from the recent run up in copper prices as well as gold," said chief executive Mike Henry.
The interim dividend was hoisted to 73 cents a share, up from 50 cents in 2024. The dividend represented a 60% payout ratio, more generous than the 50% paid out last year.
Reporting by Frank Prenesti for Sharecast.com
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