Global miner BHP's half year profit falls 8%

Global mining company, BHP reported its first-half profit on Tuesday, falling 8%

The company said the 8% fall was because of production disruptions and a decline in commodity prices during the period.

BHP's underlying profit in the six months ending December 31 2018, fell to $4.03 billion from $4.40 billion last year, missing estimates of $4.209 billion.

BHP declared an interim dividend of $0.55 per share, reporting the same as last year.

BHP share price trades unpredictably in 2018

The BHP share price has been trading up and down throughout 2018, staying in the $40-$34 range, and increasing over 13% since January.

BHP reported they expect China economic growth to slow modestly in 2019, while production guidance for the 2019 financial year remains unchanged for petroleum, iron ore, metallurgical coal and energy coal.

Total copper production guidance increased to between 1,645 and 1,740 kt reflecting retention of Cerro Colorado.

The company said, its full year unit costs for all major assets are expected to be in line with guidance, reflecting stronger anticipated volumes in the second half of the year.

Productivity for the December 2018 half year has been impacted by unplanned production outages at Olympic Dam, Spence and Western Australia Iron Ore, with a total negative impact of approximately US$600 million, according to the company's H1 report.

The ASX200 closed higher in afternoon trading with investors factoring in a spate of company earnings.


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