BHP reported a near 30 per cent increase in first-half net profit as the world’s largest mining company by market capitalisation benefited from booming demand for copper.
BHP said revenue in the six months to December 31 rose 11 per cent year on year to $27.9bn, as profit attributable to shareholders increased 28 per cent to $5.6bn. The results exceeded analysts’ expectations.
Mike Henry, chief executive of the Australian company, said the performance represented a “milestone for BHP” as copper contributed the largest share of its profit for the first time, accounting for 51 per cent of underlying earnings before interest, taxation, depreciation and amortisation.
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