BHP’s stock hits an all-time high with gains and falls
BHP has reported its biggest ever quarterly profit as the world’s largest producer of aluminium foil.
The results were a major boost to the company’s prospects, which have been hit by a severe weather event in the Indian state of Maharashtra, which has been declared a state of emergency by the authorities.
The aluminium market is the largest in the world and India has been reeling under heavy weather since January after a series of superstorms.
The BHP India managing director, Vijay Kumar, said the results would boost BHP shares, which closed up 4.7 per cent on the Nasdaq.
BHP has sold more aluminium foil than any other company in the last 12 months.
The company has increased its aluminium production by more than 80 per cent since the last financial year, and its aluminium product exports have soared by almost 20 per cent, Mr Kumar said.
Its aluminium production fell by 1.4 per cent to 10.5 million tonnes in the latest quarter.