BHP Group reported a lower-than-expected annual profit on Tuesday, as the miner warned of slowing economic growth outside China due to the impact of a coronavirus-led downturn.
While a sharp economic recovery in China helped BHP report a 4% rise in annual iron ore output last month and fuelled optimism over future growth, uncertainty over demand growth elsewhere continues to persist.
“We expect most major economies will contract heavily in 2020, China being the exception,” Chief Executive Officer Mike Henry said. The world’s largest listed miner also said it was looking to divest its thermal coal operations and intends to focus on higher-quality coking coals.Underlying profit attributable from continuing operations for the year ended June 30 fell to $9.06 billion from $9.47 billion a year earlier, missing estimates of $9.42 billion, according to Refinitiv IBES data.
The profit miss was in contrast to rival Rio Tinto, which rode its iron ore-rich portfolio to beat profit estimates last month.Reporting by Shashwat Awasthi in Bengaluru and Melanie Burton in Melbourne; Editing by Shounak Dasgupta
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