South32 Expands Share Buyback Program by US$50 Million
16 February 2023 - 9:25AM
Dow Jones News
By David Winning
SYDNEY--South32 Ltd. increased its share-buyback program by
US$50 million as it anticipates a stronger outlook for commodity
prices in the second half of its fiscal year.
South32 said the increase to the buyback means it has US$158
million still to return to shareholders by September based on its
current capital-management plans.
It announced the shift in returns alongside a net profit of
US$685 million for the six months through December, down 34% on a
year earlier. Underlying earnings dropped 44% to US$560 million,
although underlying revenue edged up by 0.4% to US$4.52
billion.
Directors of the mining company declared an interim dividend of
4.9 U.S. cents a share.
Write to David Winning at david.winning@wsj.com
(END) Dow Jones Newswires
February 15, 2023 17:10 ET (22:10 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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