Australian mining company BHP Billiton has announced its financial results for the first half ended on December 31 of the financial year 2020-21.
Accordingly, BHP Billiton has posted a net profit of US$3.87 billion for the first half of the financial year 2020-21, down 20 percent compared to a net profit of US$4.87 billion in the corresponding period of the previous financial year, while the company’s revenue increased by 15 percent year on year to US$25.64 billion, reflecting higher iron ore prices and a strong operational performance.
Meanwhile, BHP Billiton reported EBITDA of $14.68 billion for the first half amid higher iron ore prices, record iron ore production volumes, a disciplined cost performance, and lower fuel and energy costs, increasing by 21 percent compared to $12.08 billion in the same period of the previous year, while its EBITDA margin rose to 59 percent in the first half of the year, from 56 percent in the first half of the financial year 2019-20.
Mike Henry, CEO of BHP, stated that the company has delivered strong results for the first half of the year, adding, “We further grew value in the business during the half through achieving first production at the Spence Growth Option and through the acquisition of an additional interest in Shenzi. Our other major projects in iron ore are progressing to schedule.” As for the company’s iron ore production guidance for the 2020-21 financial year, it is expected to be between 245 million mt and 255 million mt, compared to the previous forecast 242-253 million mt.