Anglo-Australian miner BHP Billiton saw a huge turnabout from losses to profit in the last six months of 2016, thanks to higher commodity prices, the company announced on Tuesday.
BHP Billiton's net profit was $3.2 billion for the last six months of 2016, compared with a loss of $5.7 billion for the same period a year earlier.
“This is a strong result that follows several years of a considered and deliberate approach to improve productivity and redesign our portfolio and operating model. Our steadfast commitment to this plan has positioned us to take full advantage in a period of higher prices,' said BHP Billiton Chief Executive Officer Andrew Mackenzie.
'We are confident in the long-term outlook for our commodities, particularly oil, with markets expected to rebalance in the near-term, and copper where we expect a deficit to emerge in the early 2020s,' Mackenzie added.
The company said it would pay $40 cents per share to its shareholders, up from $16 cents in the last six months of 2015.
In addition, BHP Billiton's underlying profit increased to $3.24 billion, from $412 million a year earlier.
By Murat Temizer
Anadolu Agency
murat.temizer@aa.com.tr