BHP is down by more than 2% in London, following the publication of a group share net profit down by 86% to $927 million for its first half of 2023-24, despite revenues up by 6% to more than $27.2 billion.

The Anglo-Australian mining company will distribute an interim dividend of 72 cents per share for this period at the end of March, compared with 90 cents per share for the first six months of the previous financial year.

While these results are in line with expectations according to Oddo BHF, the latter remains 'underperform' on BHP, citing 'a high valuation relative to peers, a likely further adjustment in iron prices and difficulties in nickel'.

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