A streamlined South32 increased its underlying earnings by 153% to $489m (A$678m) in the June 2021- ended fiscal year from $193m in FY 2020 as it shifts its business focus to a lower carbon energy future. Despite its higher earnings the ASX-listed mining company actually recorded a loss after taxes of $195m for the 2021 FY, after declaring an after-tax loss of $65m for the 2020 FY. The increased loss was attributed to South32 booking a $728m impairment charge to the value of its Illawarra Metallurgical Coal unit due to uncertainty around planning approvals for its Dendrobium extension.
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