{"id":14886,"date":"2025-08-19T09:04:30","date_gmt":"2025-08-19T09:04:30","guid":{"rendered":"https:\/\/infundpros.com\/?p=14886"},"modified":"2025-08-19T09:04:33","modified_gmt":"2025-08-19T09:04:33","slug":"bhp-reports-lowest-profit-since-start-of-pandemic","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=14886","title":{"rendered":"BHP reports lowest profit since start of pandemic"},"content":{"rendered":"<div>\n<p>Stay informed with free updates<\/p>\n<p class=\"article__content-sign-up-topic-description o3-type-body-base\"><span>Simply sign up to the <!-- -->Mining<!-- --> myFT Digest &#8212; delivered directly to your inbox.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=671bb9d2-f87d-42e1-943d-1cfa5d085faf&amp;concept-id=f95dd6f8-9ab9-407f-b8b3-9239815216b5\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>BHP has reported its lowest full-year profit in five years due to lower iron ore and coal prices and pointed to a \u201cmixed\u201d outlook for the global economy.<\/p>\n<p>The Australian mining company on Tuesday said underlying attributable profit fell 26 per cent to $10.2bn, the lowest since the 2020 financial year at the start of the Covid-19 pandemic.<\/p>\n<p>Revenue dropped 8 per cent to $51.3bn in the year to June due to the impact of lower iron ore prices and weakness in steelmaking coal markets. <\/p>\n<p>BHP paid its lowest dividend in eight years, although the final dividend of 60 cents a share, down from 74 cents a year earlier, was higher than had been anticipated by analysts. It reflected lower debt and the disposal of non-core assets in Brazil, according to the company. <\/p>\n<p>Its production of copper, which BHP has targeted as a growth metal, helped offset weakness in other commodities, accounting for 45 per cent of the company\u2019s underlying earnings. BHP\u2019s copper output has increased 28 per cent over the past three years.\u00a0<\/p>\n<p>Mike Henry, chief executive, said BHP set new production records for iron ore and copper during the year. He said the demand for metals and minerals from key Asian export markets would help offset a less stable overall trading environment.<\/p>\n<p>\u201cThe global economic outlook is mixed,\u201d he said. \u201cGrowth is expected to ease to 3 per cent or slightly below in the near term amid shifting trade policies, yet demand for commodities remains strong, particularly in China and India.\u201d<\/p>\n<p>In a separate Financial Times interview, Henry said there was still robust commodities demand in China, the biggest customer for iron ore. \u201cOverall growth in China remains relatively healthy,\u201d he said. He said exports of steel into south-east Asia were also robust. <\/p>\n<p>\u201cThe Big Australian,\u201d as BHP is colloquially known, raised its debt ceiling from $15bn to $20bn, but Henry said the move was not a signal regarding its dealmaking plans. \u201cI can categorically say it&#8217;s not code for that at all,\u201d he said.<\/p>\n<p>BHP pulled out of an attempt to acquire London-listed rival Anglo American last year after being rebuffed. <\/p>\n<p>Henry said that any deal had to offer BHP access to a high-quality asset that offered ample synergies to unlock value, but that valuations remained \u201celevated\u201d. <\/p>\n<p>BHP said it could pare back its steelmaking coal operations in Queensland after being hit with \u201cextreme\u201d royalty rates that will eat into future profits if the coal price rebounds. <\/p>\n<p>\u201cIf low coal prices persist, options to pause lower margin areas of our operational footprint will be considered,\u201d the company said.<\/p>\n<p>Australian oil company Woodside, which absorbed BHP\u2019s oil and gas assets in 2022, also felt the impact of lower commodity prices.<\/p>\n<p>On Tuesday, it reported a 24 per cent decline in underlying net profit to $1.3bn in the six months to June, citing weaker oil prices and higher depreciation costs. It lowered its interim dividend to 53 cents a share from 69 cents a year earlier.\u00a0<\/p>\n<p>Paul McTaggart, an analyst with Citi, said Woodside\u2019s operating performance was strong, but net debt, at $8.6bn, was much higher than market expectations of $7.6bn. <\/p>\n<p>Woodside shares fell more than 2 per cent, while those of BHP rose 1.6 per cent on Tuesday.<\/p>\n<p><em>This article has been amended since first publication to reflect that lower coal, not copper, prices drove BHP\u2019s profit decline<\/em><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/671bb9d2-f87d-42e1-943d-1cfa5d085faf\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stay informed with free updates Simply sign up to the Mining myFT Digest &#8212; delivered directly to your inbox. BHP has reported&#8230;<\/p>\n","protected":false},"author":1,"featured_media":14887,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-14886","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BHP reports lowest profit since start of pandemic | inFundPros<\/title>\n<meta name=\"description\" content=\"Stay informed with free updatesSimply sign up to the Mining myFT Digest -- delivered directly to your inbox.BHP has reported its lowest full-year profit\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=14886\" \/>\n<meta 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