MELBOURNE (Reuters) – 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.
Prices of South32’s top three commodities – metallurgical coal, aluminum and manganese – slumped in 2019 as the bruising Sino-U.S. trade war crimped demand.
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. “At first glance, the results appear broadly neutral versus our estimates for earnings,” RBC Capital said. Continue Reading →