(Bloomberg) -- BHP Group Ltd.’s first-half profit slumped 23% from the year before, with the mining giant impacted by falling Chinese demand for key commodities including iron ore and copper.
Most Read from Bloomberg
The world’s biggest public miner reported underlying attributable profit in the six months to Dec. 31 of $5.08 billion, below analyst estimates of $5.39 billion, it said in a statement Tuesday. BHP cut its interim dividend to 50 cents a share from 72 cents the year before — its lowest payout for the period since 2017.
The slip in profits continues a trend for BHP since it posted record earnings of $33.1 billion for the year to June 2022 off the back off soaring iron ore demand. Annual profits have since more than halved, with declining capital returns and rising capital expenditure weighing on its shares.
Still, Chief Executive Officer Mike Henry struck a positive tone in the statement. “The demand for BHP products remains strong despite global economic and trade uncertainties, with early signs of recovery in China, resilient economic performance in the US and strong growth in India,” he said.
Benchmark iron ore prices dipped 5% during the reporting period, while copper fell 9%.
BHP’s iron ore mines in Western Australia’s Pilbara were hit by Tropical Cyclone Zelia last week. The company said that while it was maintaining its forecast output of the steelmaking material from the region of between 282 million tons and 294 million tons for the year to June 30, it no longer expects production to be in the upper half of the range due to the impact of the storm.
Subscribe to The Bloomberg Australia Podcast on Apple, Spotify, on YouTube, or wherever you listen
(Updates with details from third paragraph)
Most Read from Bloomberg Businessweek
©2025 Bloomberg L.P.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。