Global miner BHP Group reported a steeper-than-expected 32% fall in first-half profit owing to a drop in iron ore prices, sending its shares down, although it flagged a brightening outlook in China, its biggest customer.
However, its interim dividend of 90 cents per share, while down 40%, beat Vuma Financial's estimate of 88 cents.
"The lag effect of inflation and continued labour market tightness are expected to impact our cost base into the 2024 financial year," BHP said, as it logged a $1 billion inflation hit, primarily from diesel costs, for the half. BHP's confidence in China's economy was buoyed by green shoots it had seen since the start of the calendar year, including new loans, house prices and business sentiment surveys, Chief Executive Officer Mike Henry said.
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