Australian mining company BHP Billiton has announced its financial results for the financial year 2019 ended on June 30.
Accordingly, BHP Billiton has posted a net profit of US$8.3 billion for the financial year 2019, compared to a net profit of US$3.7 billion in the previous financial year, while the company's revenue increased by 2.7 percent year on year to US$44.29 billion. Also, BHP has announced that it will be paying a record final dividend of 78 cents a share, which is worth $3.9 billion and up 24 percent from the previous year.
Though strong results were announced in the 2019 financial year, BHP Billiton is affected from global economic conditions that could hit demand for its key commodities, iron ore and copper, from production cuts and the unfavorable weather conditions caused by Tropical Cyclone Veronica.
BHP Billiton’s Chief Executive Officer, Andrew Mackenzie said that thanks to record production figures and strong commodity prices, the company is able to invest the cash flow it gained in growth projects, advance their exploration programs and increase their returns to shareholders. He also added that they enter the 2020 financial year with positive momentum and a strong outlook for both volume and cost.