But their joy was not shared in the first-up reaction by institutional investors and analysts to BHP’s December half profit which while up by 25% to US$4.05 billion, fell short of expectations for $4.25 billion.
What’s more, there was no share buyback as many expected, controllable costs blew out by $800 million, and net debt came in higher than expected at $15.4 billion, albeit down from $16.3 billion at June 30 last year, and $20.05 billion a year ago.
Disappointment with the misses and omissions caused BHP’s shareprice to be hit hard in London overnight in the first pass assessment of Tuesday’s interim profit report. BHP’s London-listed shares fell a nasty 4.6%
But the angst will soon pass.