AFP,SYDNEY:Mining giant BHP Billiton reported yesterday a dramatic rebound in half-yearly profits on the back of surging coal and iron ore prices and improved productivity.
The underlying profit of US$3.2 billion and earnings before tax of US$9.9 billion for the last six months of 2016 exceeded expectations.
“This is a strong result that follows several years of a considered and deliberate approach to improve productivity and redesign our portfolio and operating model,” chief executive Andrew Mackenzie said.
The Anglo-Australian mining giant announced a 40 cent interim dividend per share which eclipsed analyst projections of about 30 cents.
In January the company reported record Australian iron ore production in the last six months of 2016 after a 28 per cent surge in the price of the commodity.