From CNBC: 2024-08-26 22:41:23

BHP, a key producer of commodities, saw a 32% drop in net profit to $6.46 billion. CEO Mike Henry predicts a rebound in China’s property sector due to government support measures. China’s central bank allocated $42.25 billion to help stabilize the property sector, which accounts for a significant portion of GDP.

Despite challenges in steel demand from China’s property sector, BHP reported a 2% increase in annual underlying profits. CEO Henry remains optimistic about other sectors driving steel demand, like infrastructure and automobiles. Australian shares of BHP rose by 1.97% in Tuesday trading, reflecting investor confidence.

Read more: BHP CEO expects a turnaround in China’s property sector in year ahead