Green shoots

18 August 2020 By Robyn Mak Follow @mak_robyn

Surging iron ore sales cushioned declines in other commodities as annual earnings fell 4% to $9 bln. Boss Mike Henry plans to ditch some high-polluting energy assets, albeit for economic, not environmental, motives. Regardless, a cleaner portfolio makes business sense.

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BHP Group on Aug. 18 reported underlying attributable profit from continuing operations for the year ending June 30 of $9.1 billion, a 4% annual decrease. That missed the average analyst estimate of $9.4 billion, according to Refinitiv data.

The company said it plans to divest some assets, including thermal coal operations and a stake in Australian Bass Strait oil and gas venture. The latter is a joint venture with Exxon Mobil, which has also put its 50% stake up for sale. Analysts have estimated could fetch up to $3 billion, according to Reuters.

BHP declared a final dividend of 55 cents per share, equivalent to a 72% payout ratio. Total dividends for the year totalled $6.1 billion.

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