BHP Group Ltd (LON:BHP)(ASX:BHP) delivered attributable profit of US$8bn and underlying attributable profit of US$9.1 bn in the year to end June 2020.
Profit from operations ran at US$14.4bn, while underlying earnings rang in at US$22.1bn.
Unit costs at major assets dropped by 9%, due to foreign exchange, better productivity and improved operating stability.
Net operating cash flow was US$15.7bn. Free cash flow was US$8.1bn.
Net debt stood at US$12bn. The final dividend is set at US$0.55, down 29%.
Dividend cut 'bad news all round'
Kit Atkinson Head of Capital Markets for Corporate Markets EMEA at Link Group said: "BHP's dividend cut, despite prices for its main metals holding up, was unalloyed bad news for shareholders.
"Its profits were dragged lower by plunging oil and coal prices. With dividend cover already so low [1.2x last year] a cut was hard to avoid and will save BHP around £800mln in 2020 alone.
“The fortunes of the UK's mining behemoths have diverged sharply this year - Glencore has scrapped payouts, Rio Tinto has increased them, and BHP is somewhere in the middle with Anglo American. Income investors are struggling to find safe havens this year.
“There is no change in our forecast for a best-case decline in UK dividends of 38% this year to £61bn, with the worst-case likely to see a 42% drop to £57bn."
Shares dropped 2.4% to 1,797p.
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