Tuesday 16 February 2021 9:32 am

BHP profits from operations leap to $9.8bn

The world’s largest miner reported its best first-half profit in seven years on Tuesday.

BHP Group was buoyed by China’s strong appetite for iron ore to support infrastructure.

China’s reliance on commodity-intensive measures to sustain economic growth has sent prices of raw materials to multi-year highs.

The Covid-19 vaccination push has also brightened outlook for global trade this year.

Read more: Daily Covid cases fall below 10,000 for first time since September

Results

The Melbourne-based group declared an interim dividend of $1.01 per share, leaping from last year’s $0.65 per share.

The company’s profit from operations was $9.8bn, up 17 per cent. 

Its underlying profit from continuing operations for the six months leading up to 31 December rose to more than $6bn from $5.1bn last year.

Mike Henry, CEO of BHP, said: “Our continued delivery of reliable operational performance during the half supported record production at Western Australia Iron Ore and record concentrator throughput at Escondida.

“Our operations generated robust cash flows, return on capital employed increased to 24 per cent and our balance sheet remains strong with net debt at the bottom of our target range.”

Read more: JPMorgan chief says “we will have to be involved” with Bitcoin

Share: