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BHP slashes dividend as profits fall 23% on weak iron ore price
(Sharecast News) - BHP slashed its dividend and reported a sharp fall in half-year profits as lower iron ore prices caused by weaker demand from China offset higher copper earnings. Underlying attributable profit at the world's largest miner fell 23% to $5.08bn for the six months to December 31, missing estimates of $5.39bn. The interim dividend of 50 cents a share was its lowest in eight years, down 22 cents on last year's payout.
Underlying operating earnings from iron ore fell 26% to $7.2bn, while copper profits surged 44% to $5bn on the back of higher prices.
"The overall Chinese economy has been facing some headwinds, but the commodity - the sectors that are important to BHP commodity demand - have been performing strongly for the most part, and we're starting to see some green shoots in property now as well," BHP chief executive Mike Henry told the Australian Broadcasting Corporation.
Henry said global rate cuts were expected to translate into a recovery for steel and copper demand but warned that potential trade tensions "present a risk to the recovery in developed economies and across the globe", referring to the looming threat of tariffs from US President Donald Trump.
Reporting by Frank Prenesti for Sharecast.com
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