Sydney - BHP Billiton announced today that it had net loss record $ 6.39 billion in fiscal 2016, which ended in June, reversing a profit of $ 1.91 billion that had obtained in the previous 12 months.
The result of the Anglo-Australian miner, the world's largest by market value, was pressured by large writedowns and a sharp drop in commodity prices.
Analysts polled by The Wall Street Journal predicted that BHP would lower annual loss of US $ 5.8 billion.
The company, which in February abandoned a policy of maintaining or raising payments to shareholders and cut its final dividend per share by 77% from US $ 0.62 to US $ 0.14.
BHP awarded the annual loss to non-recurring expenses totaling $ 7.7 billion, which included $ 4.9 billion in writedowns related to US assets and a provision of US $ 2.2 billion to cover losses caused by the rupture of a Samarco dam in Minas Gerais, in November last year. Samarco is a BHP joint venture with Vale.
With adjustments, the BHP's underlying profit was down 81% in fiscal 2016 to $ 1.22 billion.
Source: Dow Jones Newswires.
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