The world’s largest mining company has forecast that “strengthening activity” in China will bolster global commodities demand after soaring inflation and weaker commodity prices hit its profit in the second half of last year.
BHP, the Australian miner, said that revenue fell 16 per cent to $25.7bn and pre-tax profit was down 30 per cent to $10.2bn during the six months to December 31 compared with the same period a year before.
The company cut its dividend to 90c a share from a record $1.50 in the comparable period when commodity prices drove record profits. The $4.6bn payout was nonetheless the fifth-highest half-yearly dividend in its 138-year history. BHP shares were down 1 per cent on Tuesday.
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