H1 profit misses forecasts
Interim dividend beats estimate
Positive on demand outlook from China
Starts process to sell two Queensland met coal mines

Feb 21 Reuters Global miner BHP Group reported a steeperthanexpected 32 fall in firsthalf profit owing to a drop in iron ore prices, sending its shares down, although it flagged a brightening outlook in China, its biggest customer.

China39;s strict zeroCOVID19 policy curtailed economic activity and dented demand over the past year, driving iron ore prices down from lofty levels, while miners wrestled with surging costs and a tight labour market in Australia.

As a result, the world39;s largest listed miner reported underlying profit attributable from continuing operations of 6.6 billion, down from 9.72 billion a year earlier.

That missed a Vuma Financial estimate of 6.82 billion, as earnings from copper and coal came in lower than analysts had expected. BHP39;s giant Escondida copper mine was hit by road blockades in Chile that disrupted mining supply deliveries.

However, its interim dividend of 90 cents per share, while down 40, beat Vuma Financial39;s estimate of 88 cents.

Shares of the global miner fell as much as 2.8 to A47.11, their lowest since Jan. 6 but recovered to finish down 0.3, slightly weaker than the broader market.

We have got BHP as a 39;hold39; primarily because their share price is sitting up at record highs and they are going to have to do pretty well to justify those levels, said analyst David…