Daily Management Review

BHP's net income falls by 32 percent


Australia's BHP, one of the biggest mining firms in the world, said on December 31 that its net profit decreased by 32% year over year to $6.457 billion in the first half of the fiscal year 2022-2023.

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The diluted earnings per share decreased from $1.86 to $1.27 from the prior year. At $25.713 billion, the company's revenue decreased by 16 percent.

Exploration and capital costs increased 5% to $3.027 billion. The company's net debt as of December 31 increased by 13% from the prior six months, to $6.91 billion.

"We have an optimistic prognosis on demand for the second half of fiscal 2023 and the beginning of 2024, with China's improving economic activity playing a significant role. If global trade and the economies of the United States, Japan, and Europe continue to contract, we anticipate that demand in China and India will act as a stabilizing counterbalance," BHP CEO Mike Henry noted.

source: cnbc.com