BHP posts record $8.3 billion loss

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http://www.businessinsider.com.au/bhp-post-a-us6-38-billion-loss-2016-8

BHP billion posted a loss of $US6.385 billion ($A8.28 billion) for the full year to June, its biggest in history, and cut dividends as weaker global commodity prices cut the flow of cash to the world’s biggest miner.

Revenue was down 31% to $US30.91 billion.

Underlying attributable profit was US$1.2 billion, above expectations.

The loss includes $US7.7 billion of exceptional items (after tax): an impairment charge of $US4.9 billion against the carrying value of the onshore US assets; $US2.2 billion for the financial impact of the Samarco dam failure; and US$570 million for global taxation matters.

The mining giant declared a fully franked final dividend of US 14 cents. Under the new dividend policy, this is made up of a minimum payout of 8 US cents a share plus an extra 6 US cents. This brings the full year dividend to 30 US cents, a 76% drop on 2015.

CEO Andrew Mackenzie says the last 12 months have been challenging for both BHP and the resources industry.

“Nevertheless, our results demonstrate the resilience of our portfolio and the diverse ways in which we can create value for shareholders despite low commodity prices,” he says.

“Over the past five years we have actively reshaped our portfolio, and we are confident we have the right mix of commodities, assets and opportunities to create substantial value over time.

“While commodity prices are expected to remain low and volatile in the short to medium term, we are confident in the long-term outlook for our commodities, particularly oil and copper.”

———-

“The loss includes $US7.7 billion of exceptional items (after tax): an impairment charge of $US4.9 billion against the carrying value of the onshore US assets; $US2.2 billion for the financial impact of the Samarco dam failure; and US$570 million for global taxation matters.”

significant..this isnt a small fry operation..this is the big kahuna..and its losing money..

“While commodity prices are expected to remain low and volatile in the short to medium term, we are confident in the long-term outlook for our commodities, particularly oil and copper.”

401

~ by seeker401 on August 17, 2016.

2 Responses to “BHP posts record $8.3 billion loss”

  1. big kahuna loss.. 8B buys 100 lifetime of biscuits for all the miners

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