BHP, the world's largest listed miner, has reported a significant decline in profit due to weaker commodity prices, with its underlying profit falling by 23% to $5.08 billion for the six months ending in December. The Australian resource giant, whose operations include an iron ore loading facility in Port Hedland, Australia, also saw an 8% drop in revenue, totaling $25.2 billion. This financial update was disclosed in a report released in Sydney.
In response to the decline, BHP announced an interim dividend of 50 cents per share, which marks a 30% reduction from the previous year and the lowest payout since 2017. Despite these setbacks, BHP's Chief Executive, Mike Henry, highlighted signs of economic recovery in China, suggesting potential future growth opportunities. However, he also cautioned about the ongoing global trade tensions that could further impact the company's performance.
BHP's financial results reflect the broader challenges faced by the mining industry amid fluctuating global markets and geopolitical uncertainties. At its Port Hedland facility, a bucket wheel reclaimer continues to collect ore as the company navigates these turbulent times. The strategic focus remains on managing resources efficiently while adapting to changing market conditions.