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BHP Seeks Demand Growth in China As Profits Decline

Charlie Brooks

Feb 21, 2023 11:26

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BHP Group (NYSE:BHP) reported a sharper-than-anticipated 32% decline in first-half profit due to a reduction in iron ore prices, sending its shares lower, although signaling an improvement in the outlook for China, its largest customer.


China's rigorous zero-COVID-19 policy stifled economic growth and depressed demand over the last year, bringing iron ore prices down from stratospheric levels as miners struggled with rising costs and a lack of domestic labor.


As a result, the largest publicly traded miner in the world recorded an underlying profit attributable to continuing operations of $6.6 billion, a decrease from $9.72 billion a year earlier.


This fell short of the $6.82 billion forecast by Vuma Financial, since earnings from copper and coal were lower than anticipated. Chilean road blockades impeded the delivery of mining supplies to the colossal Escondida copper mine, owned by BHP.


Nonetheless, despite a 40% decrease, its interim dividend of 90 cents per share exceeded Vuma Financial's projection of 88 cents.


The global miner's shares plummeted as high as 2.8% to A$47.11, their lowest level since January 6; by 01:38 GMT, they were down 2% in a market that was down 0.5%.


Analyst David Lennox of Sydney-based wealth firm Fat Prophets stated, "We have a 'hold' rating on BHP because its share price is sitting at record highs and the company will have to perform exceptionally well to justify those levels."


As a result of the growing marginal cost of production, the miner anticipates "much higher" price floors for certain commodities compared to before the COVID-19 outbreak.


"The delayed effect of inflation and sustained labor market shortages are likely to influence our cost base through the 2024 financial year," BHP said as it reported a $1 billion inflation hit for the half, mostly due to diesel costs.


According to analysts at RBC Capital Markets, BHP's first half performance was "surprisingly low, but a strong indicator of a continued tough inflationary environment for the mining industry."


BHP also predicted that last year's aggressive global interest rate increases would drastically restrict GDP in the developed countries.


But, after a challenging first half, the miner stated that China appears to be a "source of stability" for commodities demand, as the world's second-largest economy and top metals consumer reopens and seeks to recover its debt-laden real estate market.


Mike Henry, the chief executive officer of BHP, stated that the company's optimism on China's economy has been bolstered by signs of improvement it has observed since the beginning of the year, such as new loans, rising home prices, and positive business sentiment surveys.


On a conference call with reporters, he said, "There's a lot there that gives us confidence that we will see an acceleration in the Chinese home economy."


BHP moved the start of production at its massive Jansen potash project in Canada from 2027 to late 2026.


It also disclosed that it and its joint venture partner Mitsubishi Development had opted to sell two of their seven metallurgical coal mines in Queensland's Bowen Basin: Daunia and Blackwater.


BHP has vowed not to invest in Queensland since the state has the highest coal royalties in the world.