BHP Billiton Profit Plunges 86% in Commodity Downturn
August 25 2015 - 6:40AM
Dow Jones News
SYDNEY—BHP Billiton Ltd. 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 $1.91 billion for the year through
June, down from $13.83 billion in the 12 months earlier.
Underlying earnings were down 52% at $6.42 billion.
Net profit was weighed by higher noncash charges that reduced
earnings by $1.3 billion and included write downs against some oil
fields.
Still, the company said it would give shareholders a final
payout of $0.62 a share, increasing its full-year payout 2% to
$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 has 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 06:25 ET (10:25 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
BHP (NYSE:BBL)
Historical Stock Chart
From Mar 2024 to Apr 2024
BHP (NYSE:BBL)
Historical Stock Chart
From Apr 2023 to Apr 2024
