ANGLO-AUSTRALIAN mining giant BHP posted a fall in profit over the recent financial year as it saw the performance of its petroleum business weaken amid the Covid-19 pandemic. BHP's attributable profit of nearly US$7.96 billion for the 12 months to 30 June was down 4% on the previous financial year as revenues slipped 3%, to US$42.93 billion. However, underlying attributable profit was only down 1%, totalling US$9.06 billion for the 2020 financial year. The company noted that strong iron ore prices had helped offset the impact of low petroleum and coal prices amid the current economic downturn. "In a year marked by the challenges of the global Covid-19 pan- demic, social unrest in Chile and commodity price volatility, we were safer, more reliable and lower cost," BHP chief executive Mike Henry said this week.
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