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BHP posts drop in profit amid the pandemic

BHP posts drop in profit amid the pandemic

The company has lowered its annual dividend by 10%

Stocks impacted: BHP Group Ltd. (HPB)

BHP, the world’s largest listed miner by market value, reported a 4% drop in annual net profit to $7.96 billion for the 12 months through June, down from $8.31 billion a year earlier. The deterioration was due to $1.1 billion in one-off charges, including costs tied to its coronavirus pandemic response. The company’s profit from operations decreased by 11% to $14.42 billion from $16.11 billion the prior year. Citing profit and revenue declines as a result of Covid-19, the Anglo-Australian mining firm has lowered its annual dividend. In particular, BHP declared an annual dividend of 120 US cents, down 10% from 130 cents the year before. BHP expects petroleum output for its current financial year to be in the range of 95 million-102 million barrels of oil equivalent, reflecting a 6%-13% fall from 109 million barrels produced for the 2020 financial year. After the report, the miner’s stocks fell edged lower by 1.5%.

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