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View all search resultsMining giant BHP Billiton posts $5.7 billion half year loss
Earning drops: A sign stands outside the BP International Centre for Business and Technology in Sunbury-on-Thames, south west London, Tuesday, Feb
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Earning drops: A sign stands outside the BP International Centre for Business and Technology in Sunbury-on-Thames, south west London, Tuesday, Feb. 2, 2016. British oil company BP said fourth-quarter earnings plunged 91 percent because of sharp declines in oil prices. BP reported Tuesday that underlying replacement cost profit fell to $196 million from $2.2 billion in the same quarter a year earlier. (AP Photo/Matt Dunham) (AP Photo/Matt Dunham)
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span class="inline inline-center">Earning drops: A sign stands outside the BP International Centre for Business and Technology in Sunbury-on-Thames, south west London, Tuesday, Feb. 2, 2016. British oil company BP said fourth-quarter earnings plunged 91 percent because of sharp declines in oil prices. BP reported Tuesday that underlying replacement cost profit fell to $196 million from $2.2 billion in the same quarter a year earlier. (AP Photo/Matt Dunham)
Mining giant BHP Billiton reported on Tuesday a half year net loss of $5.67 billion and warned that the current period of weak commodity prices would be prolonged.
The result for the six months through December 2015 was down 233 percent from the $5.35 billion the Anglo-Australian company posted for the same period a year earlier.
Underlying profit for the latest half year fell 92 percent to $412 million as lower commodity prices cut $7.8 billion in earnings.
The Melbourne, Australia-based company slashed its interim dividend to 16 cents per share, from 62 cents a year ago. It said it was revising its progressive dividend policy to ensure increased financial flexibility.
"While we were prepared for lower prices across our commodities, we now believe the period of weaker prices and higher volatility will be prolonged," the miner said in a statement.
BHP reported a net profit of $1.9 billion for the 12 months to June 30, 2015. That was down from $13.8 billion a year earlier. Revenue was down 22 percent to $52 billion.
Miners such as BHP are under increasing pressure as a slowdown in China's economy results in lower demand for key commodities, such as iron ore and coal. (ags)
