South32 Benefiting from Higher Near-Term Prices but China Exposure a Key Longer-Term Concern
No-moat rated South32 delivered solid first-half 2019 results with 18% growth in adjusted net profit to USD 642 million versus the same period last year. The performance was largely driven by record production in Australia Manganese and higher commodity prices. Underlying EBIT grew 28% to USD 925 million, with higher prices adding USD 223 million and volumes USD 216 million versus a year ago. Production guidance is unchanged and output at South32 is tracking in line with our expectations. In its...South32 is engaged in mining and metal production from a portfolio of assets for the commodities of alumina, aluminium, bauxite, energy and metallurgical coal, manganese ore, manganese alloy, nickel, silver, lead and zinc. As of June 30 2016, Co. operated 10 segments, which were comprised of: Worsley Alumina, South Africa Aluminium, Brazil Alumina, Mozal Aluminium, South Africa Energy Coal, Illawarra Metallurgical Coal, Australia Manganese, South Africa Manganese, Cerro Matoso, and Cannington.
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