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Search resuls for: "Sameer Manekar Melanie Burton"


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☆ BHP eyes demand green shoots in China as profit slumps
  + stars: | 2023-02-21 | by ( Sameer Manekar Melanie Burton | Sameer Manekar | Melanie Burton | ) www.reuters.com   time to read: +4 min
As a result, the world's largest listed miner reported underlying profit attributable from continuing operations of $6.6 billion, down from $9.72 billion a year earlier. That missed a Vuma Financial estimate of $6.82 billion, as earnings from copper and coal came in lower than analysts had expected. Shares of the global miner fell as much as 2.8% to A$47.11, their lowest since Jan. 6 and were down 2% at 0138 GMT in a broader market (.AXJO) that was down 0.5%. BHP also said it expected aggressive global interest rate hikes from last year to slow growth sharply across the developed world. BHP has threatened not to invest in Queensland after the state hiked its coal royalties to the highest rate in the world.
☆ BHP upbeat on demand outlook as China reopens, first-half profit misses
  + stars: | 2023-02-20 | by ( Sameer Manekar Melanie Burton | Sameer Manekar | Melanie Burton | ) www.reuters.com   time to read: +3 min
SummarySummary Companies H1 profit misses estimateInterim dividend beats estimatePositive on demand outlook from ChinaStarts process to sell two Queensland met coal minesFeb 21 (Reuters) - Global miner BHP Group (BHP.AX) was positive about demand outlook through to fiscal 2024 as top metals consumer China reopens and shifts policy towards its debt-laden property sector, the company said on Tuesday after its 2023 first-half profit missed estimates. However, its interim dividend of 90 cents per share, while lower than last year's $1.50 per share, beat Vuma Financial's estimate of 88 cents. "We are positive about the demand outlook in the second half of fiscal 2023 and into fiscal 2024, with strengthening activity in China on the back of recent policy decisions the major driver," Chief Executive Officer Mike Henry said. But the reopening of the world's second-biggest economy and a property sector policy shift has BHP upbeat on the commodity demand outlook. However, in an environment where central banks are aggressively tightening their monetary policy, BHP expects its operating environment to remain volatile in the near term, but expects China to be a source of stability for commodity demand.
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