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Share Name | Share Symbol | Market | Type |
---|---|---|---|
BHP Group Plc | NYSE:BBL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 64.18 | 0 | 01:00:00 |
By Rhiannon Hoyle
SYDNEY--BHP Billiton Ltd.'s (BHP.AU) reported 47% decline in first-half profit amid a downturn in world commodity markets, and said it had further deepened cost-cutting to counter weaker prices as a decadelong resources boom fades.
BHP--the world's biggest mining company by market value--said it recorded a net profit of US$4.27 billion for the six months through December, down from a US$8.11 billion profit a year earlier. The result was higher than the median US$3.59 billion forecast of six analysts polled by The Wall Street Journal.
The company said non-cash charges against assets including some oil fields in North Louisiana reduced its earnings by US$938 million.
BHP said it would lift its interim dividend 5% to US$0.62 a share.
Prices of two of BHP's most important commodities, iron ore and oil, halved in value last year. Iron ore alone previously accounted for nearly half of the group's earnings.
Demand has been outpaced by a supply surge from projects planned when prices were booming. New production has come at a time when China's economy is slowing and concerns about global growth are rattling confidence.
BHP is overhauling its strategy to focus on producing iron ore, copper, coking coal and petroleum. It intends to spin off assets including nickel pits and aluminum smelters into a seperately listed company, named South32, by mid-year.
-Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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