Incoming BHP Billiton (ASX: BHP) boss Andrew MacKenzie, has flagged a focus on cost cutting, after the global miner yesterday reported a 58 per cent fall in first half net profit.
Soft commodity prices have been blamed for the weak result, the company’s worst since 2005.
56 year old Scottish born MacKenzie plans to maintain the miner’s current long term strategy when he replaces Marius Kloppers on May 10.
BHP shares ended the day down 35 cents or 0.9 per cent at $38.65, after it reported an interim net profit of $US4.1 billion.
