Tuesday, August 16, 2016

BHP Billiton Records Worst Loss in Fiscal Year 2016


BHP Billiton Ltd., the world’s biggest mining company, flagged it’s emerging from the worst commodities price collapse in a generation with renewed impetus after reporting a record full-year loss. “There is some sense that prices have stopped falling as opposed to being in freefall,” Chief Executive Officer Andrew Mackenzie told reporters Tuesday on an earnings call. “We start this new financial year with real momentum.” Underlying profit jumped 95 percent to $803 million in the six months ended June 30, from $412 million in the preceding half, according to Bloomberg calculations based on Melbourne-based BHP’s full-year earnings published Tuesday in a statement.
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