BHP GROUP has watered down its dividend after a steep fall in first-half net income and flat underlying earnings.

The world's largest-listed miner announced in its results that its firsthalf net income slumped 86 per cent from the year before. This sparked a cut in its interim dividend to 72 cents (52p) a share, down from 90 cents (71p) in the previous six months.

However, the firm's underlying profit attributable to shareholders was $6.6bn (£5.2bn) for the six months ending 31 December; unchanged from the previous year, but topping an LSEG estimate of $6.42bn (£5bn).

"There's going to be a multi-year period of over-supply in nickel" that could last until the end of this decade, chief executive officer Mike Henry told

Bloomberg in a post-results call.

"The consideration that we need to give to nickel is what we do with our business in the intervening period, given that it's currently loss-making and it has been for some time."

BHP said it expects a "more balanced global economy and evidence that the worst of the general inflationary wave is behind us will have a positive impact on our industry in calendar year 2024."

(c) 2024 City A.M., source Newspaper