BHP Billiton Profit Plunges 86% in Commodity Downturn
August 25 2015 - 3:13AM
Dow Jones News
By Rhiannon Hoyle
SYDNEY--BHP Billiton Ltd. (BHP.AU) said annual profit plunged
86% amid a deepening downturn in world commodity markets.
The company, the world's biggest miner by market value, on
Tuesday reported a net profit of US$1.91 billion for the year
through June, down from US$13.83 billion in the 12 months
earlier.
Underlying earnings were down 52% at US$6.42 billion.
Net profit was weighed by higher noncash charges that reduced
earnings by US$1.3 billion and included write downs against some
oil fields.
Still, the company said it would give shareholders a final
payout of US$0.62 a share, increasing its full-year payout 2% to
US$1.24.
The price of commodities including coal, oil and iron ore have
tumbled to multiyear lows in recent weeks. Production increases
from projects planned when prices were booming have led to global
over-supply, at a time when the economy in China, the world's
biggest buyer of many resources, is slowing.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
August 25, 2015 02:58 ET (06:58 GMT)
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