BHP Billiton’s revenue up 7.5% in H1 FY 2019-20 amid higher ore prices

Tuesday, 18 February 2020 13:45:22 (GMT+3)   |   Istanbul
       

Australian mining company BHP Billiton has announced its financial results for the first half ended on December 31 of the financial year 2019-20.

Accordingly, BHP Billiton has posted a net profit of US$4.9 billion for the first half of the financial year 2019-20, rose by 29 percent compared to a net profit of US$3.8 billion in the corresponding period of the previous financial year, while the company's revenue increased by 7.5 percent year on year to US$22.29 billion, reflecting higher iron ore prices.

Meanwhile, BHP Billiton reported EBITDA of $12.1 billion for the first half, increasing by 15 percent compared to $10.5 billion in the same period of the previous year, while its EBITDA margin rose to 56 percent in the first half of the year, from 52 percent in the first half of the financial year 2018-19.

Mike Henry, CEO of BHP, stated that the company performed well and that its balance sheet was strong in the first half of the year, adding “Despite near-term uncertainty - due to the coronavirus outbreak, trade policy and geopolitics - we remain convinced about the positive underlying fundamentals of our commodities. We see enormous potential to reliably deliver exceptional financial and operational performance, and to grow value and returns.” As for the company’s iron ore production guidance for the 2019-20 financial year, it is expected to be between 242 million mt and 253 million mt.


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