BHP H1 FY2024 Profit Beat LSEG Expectations

SEATTLE (Scrap Monster): BHP Group Ltd. reported flat profits during the half-yearly period ended 31^st December, 2023. It slightly beat expectations of the analysts. The results were negatively impacted by nickel-asset impairments. Meantime, the company reported resilient demand for iron ore and other key commodities during this period.

As per regulatory filing, the company’s underlying attributable profit from continuing operations in the six months totalled $6.57 billion, higher than the LSEG estimate of $6.42 million. The company reported 86% dip in net income from the prior year to $972 million. BHP posted strong revenue growth of 6%, driven by higher prices for commodities such as iron ore and copper, coupled with significant contributions from its new projects.

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The company declared an interim dividend of $0.72 per share, compared with $0.90 per share a year before.

The nickel industry is currently facing a difficult multi-year run, said the company. It must be noted that BHP had recently announced impairment charges of $2.5 million for its Western Australia Nickel business.

BHP presented a cautiously optimistic view on demand recovery in the developed world over the next one-year period. It shared a bullish outlook on India and expressed doubts over the effectiveness of stimulus policies in China.