LONDON (ShareCast) - (Sharecast News) - Australian mining giant BHP Group reported a decrease in a number of key financial metrics in its full-year results on Tuesday, while noting resilient operational performance in the face of challenging market conditions.
The Sydney-listed company said that in terms of financial performance, its revenue for the year stood at $53.8bn, marking a 17% decrease from the previous year.

Attributable profit from total operations took a significant dip, down 58% to $12.9bn, while underlying attributable profit, after adjusting for 2022's discontinued operations amounting to $10.7bn, fell 37% to $13.4bn.

Profit from operations was reported at $22.9bn, making for a drop of 33%, and underlying EBITDA declined 31% to $28bn.

BHP's underlying EBITDA margin contracted to 54%, compared to 65% in the 2022 financial year. A revenue decrease of $11.3bn was a due to significantly lower prices in key commodities.

On the operational front, the firm reported a number of positive outcomes, with iron ore production up 1%, while copper and nickel production increased by 9% and 4% respectively. It also achieved production records at its Western Australia Iron Ore (WAIO), Olympic Dam, and Spence sites.

Shareholders will receive a final dividend set of 80 US cents per share, 13 cents more than the minimum 50% payout rate. Total annual cash returns to shareholders amounted to $1.70 per share.

"Our financial results for the year were strong, underpinned by reliable production together with capital and cost discipline as we managed lower commodity prices and inflationary pressures," said chief executive Mike Henry.

"In Canada, our investment in potash is progressing at pace with first production at Jansen on track for the latter half of 2026, and we are creating a new copper province in South Australia following the acquisition of OZ Minerals."



The CEO added that commodity demand had remained relatively robust in China and India, even as developed world economies had slowed substantially.

"In the near term, China's trajectory is contingent on the effectiveness of recent policy measures. We expect buoyant growth in India with strong construction activity underpinning an expansion in steelmaking capacity."

At 0859 BST, shares in BHP Group were down 0.41% in London at 2,192.5p.

Reporting by Josh White for Sharecast.com.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE