This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.theguardian.com/business/2015/aug/25/bhp-billiton-profits-hit-plunging-commodities-prices
The article has changed 6 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| BHP Billiton profits hit by plunging commodities prices | BHP Billiton profits hit by plunging commodities prices |
| (34 minutes later) | |
| BHP Billiton has reported its worst underlying profit in a decade, gutted by plunging iron ore, copper, coal and oil prices, and said it would cut spending more deeply to shore up dividends. | BHP Billiton has reported its worst underlying profit in a decade, gutted by plunging iron ore, copper, coal and oil prices, and said it would cut spending more deeply to shore up dividends. |
| BHP and its peers have been hit after hiking output of iron ore, copper and coal just as demand growth slowed in China, the top global metals consumer. The company has been slashing costs over the past three years to cope. | BHP and its peers have been hit after hiking output of iron ore, copper and coal just as demand growth slowed in China, the top global metals consumer. The company has been slashing costs over the past three years to cope. |
| The world’s biggest miner reiterated its pledge never to cut its dividend, and lowered its target for capital spending for the year to June 2016 to $8.5bn (£5.38bn) from $9bn to help meet the promise. | The world’s biggest miner reiterated its pledge never to cut its dividend, and lowered its target for capital spending for the year to June 2016 to $8.5bn (£5.38bn) from $9bn to help meet the promise. |
| “Our commitment to our progressive dividend is resolute,” BHP’s chief executive, Andrew Mackenzie, said on Tuesday. “It has withstood many previous cycles and is a key differentiator relative to our peers.” | |
| BHP shares jumped 6% in early London trading, partly reversing a 9% fall in the previous session when commodity stocks globally fell over fears of a hard landing for the Chinese economy. | BHP shares jumped 6% in early London trading, partly reversing a 9% fall in the previous session when commodity stocks globally fell over fears of a hard landing for the Chinese economy. |
| BHP, the last of the big five global miners to report results, said its underlying attributable profit fell to $6.42bn for the year to June from $13.26bn a year earlier. The result was below analysts’ forecasts of about $7.73bn. | BHP, the last of the big five global miners to report results, said its underlying attributable profit fell to $6.42bn for the year to June from $13.26bn a year earlier. The result was below analysts’ forecasts of about $7.73bn. |
| Net profits dropped 86% as BHP took $2.9bn in post-tax charges that it flagged previously, mainly on its US shale and Nickel West businesses. | Net profits dropped 86% as BHP took $2.9bn in post-tax charges that it flagged previously, mainly on its US shale and Nickel West businesses. |
| BHP said it had achieved $4.1bn in cost cuts two years ahead of schedule as it looked to protect its investment grade rating, and said it would generate further savings in the year ahead by working its operations even harder. | |
| The miner spun off the base metal and coal mining company South32 to shareholders in May with a string of unloved assets as it sought to simplify to four main commodities – iron ore, copper, coal and petroleum – but has been hit by sliding prices for all four due to slowing growth in China. | The miner spun off the base metal and coal mining company South32 to shareholders in May with a string of unloved assets as it sought to simplify to four main commodities – iron ore, copper, coal and petroleum – but has been hit by sliding prices for all four due to slowing growth in China. |