Australia's South32 Ltd reported a 80% plunge in half-year profit on Thursd...
MELBOURNE - Australia’s South32 Ltd reported a 80% plunge in half-year profit on Thursday, as a trade war between China and the United States hit prices of its key products, but the miner’s shares rose after it announced a special dividend.
However, the miner declared an interim dividend of 1.1 cents per share, down from 5.1 cents per share a year ago, and a special dividend of 1.1 cents per share. “There is a fair chance China will look at some kind of broad-based fiscal stimulus which might provide some support for commodities in the back-end of the second half,” he added.
The miner said its underlying profit fell to $131 million in the six months ended Dec. 31 from $642 million a year earlier. It, however, beat an RBC estimate of $109 million. Its sale of the business to Sereti Resources depends on conditions such as agreement over supply terms with state utility Eskom, and is expected to close by the end of the financial year.
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