Mining big BHP has posted a fall in income amid robust world financial situations however is constructive on the demand outlook as China opens up.
BHP on Tuesday reported an underlying attributable revenue of $US6.6 billion for the six months to December 31, down nearly a 3rd (32 per cent) from a yr earlier.
Profit from operations within the half fell greater than 1 / 4 (27 per cent) to $US10.8b on decrease costs for iron ore and copper, larger royalties paid on coal in Queensland and inflation.
But this was offset by report iron ore manufacturing and better costs for coal and nickel.
Earnings earlier than curiosity, taxes, depreciation and amortisation (EBITDA) was $US13.2b, down 28 per cent.
Net working money stream was $6.8b, down 41 per cent.
“We are positive about the demand outlook in the second half of FY23 and into FY24, with strengthening activity in China on the back of recent policy decisions the major driver, BHP Chief Executive Mike Henry said.
BHP said it was also on track to meet its 2030 target on operational greenhouse emissions.
Capital expenditure on operational decarbonisation is expected to be around $US4b up to the 2030 financial year to align with 2030 and 2050 targets and maximise shareholder value, BHP said.
The acquisition of OZ Minerals is on track to be implemented by early May.
The world miner declared a totally franked interim dividend of US 90 cents a share, down 40 per cent from final yr’s report return to shareholders.
Source: www.perthnow.com.au
