South32 Ltd
(ASX:S32) has reported a net loss of US$1.6 billion in FY16. In FY15, the BHP Billiton spinoff earned a $28 million profit – so this means its profit has plummeted by 5,868%.
The diversified miner says this was due to the slump in commodity prices, as well as significant writedowns in its alumina, coal and manganese operations.
The company will pay a final dividend of US 1 cent per share (unfranked) on 6 October.
This is in line with its policy to pay its shareholders a dividend which is a minimum 40% of underlying earnings every six months.
