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20 Aug 2019 | 07:41

BHP ups dividend as annual profits dented by production outages adverse weather

BHP increased its dividend even as the miner's annual underlying profits were dented by production outages and adverse weather including Tropical Cyclone Veronica. For the year ended 30 June, underlying profits rose to $9.1bn from $8.9bn a year earlier with revenue rising to 44,288m, up from 43,129m. Group copper equivalent production declined by 2%, with annual production records at two petroleum and four minerals operations offset by grade and natural field decline, weather-related interruptions and unplanned outages, the company said. A record final dividend of 78 US cents per share was declared, which included an additional amount of 25 US cents per share, which was above the 50% minimum payout policy, the company said. Looking ahead to fiscal 2020, the company expected group copper equivalent production to be 'slightly higher' than the 2019 financial year despite a 7% decline in petroleum volumes largely due to natural field decline. Petroleum output was expected to decline by 4% to 9% within a range of 110 MMboe. to 116MMboe. Copper output was expected to rise by 1% to 8% within a range of 1.705m tonnes to 1.82m tonnes, while iron ore was expected to be up by 2%to 8%.

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