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Diversified miner South32 Ltd on Thursday reported a 44% drop in first-half underlying earnings, due to easing prices for its key commodities and on higher inflationary pressures.
Global recession concerns had also fuelled fears of slowing demand for metals and hurt prices, while a stronger dollar made greenback-priced commodities less attractive to non-dollar buyers.
Underlying earnings for the six months ended Dec. 31 was $560 million, compared with $1 billion in the previous corresponding period; and almost in line with a Visible Alpha consensus of $550 million.
“A combination of a decline in commodity prices from record levels in many markets, and higher inflation and uncontrollable costs, more than offset the benefit of our strong operational performance,” the company said in a statement.
The company also expanded its capital management programme by $50 million to $2.3 billion, leaving $158 million to be returned to shareholders by Sept 1.
The Perth-based miner, which was spun off from mining giant BHP Group in 2015, declared an interim dividend of 4.9 cents per share, down from 8.7 cents in the prior year.
The company separately announced that its vice-president of finance, Sandy Sibenaler, will be appointed as its chief financial officer.
The company left its full-year 2023 production guidance unchanged with an expectation of a 6% increase in volumes from the second half of the financial year.
(By Archishma Iyer; Editing by Shailesh Kuber)
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