BHP Billiton posts first full-year loss, dividend slashed

Tuesday, 16 Aug 2016 14:18:33 | Michael Janda

BHP Billiton has posted one of Australia's biggest ever corporate losses. (AFP)

BHP Billiton has posted a statutory net full-year loss of $US6.385 ($8.3 billion) on significant one-off write-downs.

It is the company's first annual loss since BHP and Billiton merged 15 years ago.

The company was expected to post a $US5.9 billion ($7.7 billion) loss according to the average of 11 analysts' estimates compiled by Bloomberg.

BHP Billiton's slump in profit was largely driven by a 31 per cent dive in revenue due to plunging commodity prices.

The company said weaker commodity prices wiped $US10.7 billion off its pre-tax earnings.

BHP Billiton's profit was also dented by billions of dollars in asset value write-downs and other one-off costs.

The major costs came from cutting the value of its US shale oil and gas assets ($US4.9 billion), the Samarco iron ore disaster in Brazil ($US2.2 billion) and money set aside for global taxation reassessments ($US570 million).

However, even excluding those write-downs, BHP Billiton's underlying net profit crashed 81 per cent to $1.22 billion.

The Anglo-Australian mining giant declared a final dividend of 14 US cents per share, fully-franked, down 77 per cent from last year's final payout of 62 US cents.

BHP Billiton shares closed up 0.5 per cent at $20.25 on the Australian market ahead of the results release.

External Link: BHP Billiton profit

More to come.

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BHP Billiton posts first full-year loss, dividend slashed

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