BHP posts 39% jump in 1H profit, wary of Covid-19 epidemic

BHP, like its peers, cashed in on higher iron ore prices through 2019, with a further boost coming as China pumped more money into its economy to avoid an economic slowdown. Imports of the steel input were at their second-highest level ever in 2019.

SYDNEY: The world's biggest miner, BHP Group, reported on Tuesday a 39% jump in half-year profit, supported by an uptick in Chinese demand and high iron ore prices, even as concerns remain about disruptions from the coronavirus outbreak.

Underlying profit rose to $5.19 billion for the six months ended Dec. 31 from $3.73 billion a year earlier. But the results missed estimates of a profit of $5.28 billion, according to analysts polled by research firm Vuma Financial.