BHP Billiton plc (LON:BLT) has announced a growth in underlying profit by 33 percent and a record final dividend.
On Tuesday, the miner posted an underlying profit of $8.93 billion for the year to June 30, which increased from $6.73 billion a year ago.
“We have announced a record final dividend for shareholders which reflects strong operating performance, solid prices and capital discipline,” said the chief executive Andrew Mackenzie.
“Across our dramatically simplified portfolio of tier-one assets, we see this year’s strong momentum carried into the medium term as our leadership, technology and culture drive further increases in productivity, value and returns,” he added.
“Our balance sheet is strong, with net debt now at the lower end of our target range, and our investment plans on track across iron ore, copper, coal and petroleum.”
BHP Billiton’s net profit dropped by 37 percent to $3.71 billion from $5.89 billion a year previous due to impairment charges of $5.2 billion related to US onshore oil-and-gas assets.
For 2019, BHP’s guidance for copper production is between a decline of four percent and a rise of one percent.
Iron ore output is forecasted to increase between one and five percent. Steelmaking coal is expected to grow between one and eight percent.
The miner said that threats to global economic growth have increased due to rising trade protectionism.
“Near-term prospects for the U.S. economy are sound, with cyclical fundamentals solid,” said BHP “However, we expect the increase in protectionism to weigh on consumer purchasing power and international competitiveness.”
Shares in the group are currently down 1.87 percent and trading at 32.55 (0903GMT).