BHP reports $20bn underlying net profit, beating estimates

[Pelican Press 0]

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BHP reports $20bn underlying net profit, beating estimates

BHP has exceeded expectations for the 2024 fiscal year, reporting an underlying net profit of $US13.7bn ($A20.2bn), up from an estimated $US13.5bn ($A19.9bn) yield.

The *********** mining giant increased revenue by 3 per cent to $US55.7bn ($A82.2bn) despite dire nickel prices hampering a swath of its operations.

Revenue edged upwards on the back of higher iron ore and copper prices that also grew by 3 per cent and 5 per cent respectively.

The results come after a rocky year for BHP, with the multinational still licking its wounds following a ******* takeover bid for Anglo ********* and dire nickel prices prompting the firm to “temporarily suspend” its nickel operations later this year.

The metal is used in everything from stainless steel products to electric vehicle batteries.

A surge in cheap exports from Indonesia plunged the price of nickel globally in February to $US16,400 ($A23,600) per tonne – an enormous drop when compared with the $US50,000 ($A73,800) high in 2022.

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