BHP Profit Falls But Dividend Rises
20 Febbraio 2018 - 07:47AM
Dow Jones News
By Rhiannon Hoyle
SYDNEY-- BHP Billiton Ltd. reported a 37% fall in first-half net
profit but said it would lift its midyear payout by 38% after
resurgent commodity prices sharply boosted its cash flow.
BHP, the world's largest listed miner by market value, said it
made a profit of US$2.02 billion in the six months through
December, which compared with a year-earlier profit of US$3.20
billion. The result was weighed down by one-off items totaling US$2
billion, mainly because BHP joined a parade of global firms,
including Royal Dutch Shell PLC and Barclays Bank PLC, in recording
large expenses linked to the U.S. tax overhaul.
Profit before one-off items was up 25% at US$4.05 billion,
slightly below the US$4.21 billion median of nine analyst forecasts
compiled by The Wall Street Journal.
Directors declared a dividend of 55 cents a share, up from 40
cents a year ago, meaning it returned nearly three-quarters of its
earnings to shareholders. The company also cut net debt by US$900
million since mid-2017, to US$15.4 billion. However, BHP didn't
follow other miners, including Anglo-Australian rival Rio Tinto PLC
with a share buyback as some analysts had predicted.
Fueled by a sharp rise in commodity prices, miners are enjoying
a jump in earnings that has enabled them to boost dividends, cut
debt, and spend on new projects and deals. It is a stark turnaround
from two years ago, when many were reporting large losses and
racing to slash costs and jettison assets amid a market slump.
The miner has been under pressure from investors over its
strategy following a campaign by New York hedge fund Elliott
Management Corp. Elliott demanded sweeping changes including the
disposal of BHP's U.S. shale operations, which the miner is
pursuing.
BHP is opening data rooms for potential buyers for assets that
include more than 838,000 acres in shale-rich U.S. regions. The
company said it expects initial bids for the assets between March
and June.
It pushed back against a renewed call from Elliott for a
unification of the miner's corporate structure, which features a
dual listing in Sydney and London.
"Currently, we consider that the costs and risks of collapsing
the dual-listed company outweigh the potential benefits," BHP
said.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
February 20, 2018 01:32 ET (06:32 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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