BlueScope Steel Ltd. (BLSFF.PK), on Monday, reported 1H FY2024 net profit after tax or NPAT of $439.3 million, compared to $598.9 million last year.
Underlying NPAT decreased to $473.7 million from $614.4 million in the prior year period. On a per share basis, underlying earnings totaled 97.3c versus 128.2c earned a year ago.
Sales revenue from continuing operations amounted to $8.54 billion, 8% lower than the previous year's $9.32 billion.
Managing Director and CEO, Mark Vassella said, "We've seen real volatility across the global economy, particularly prevalent in the steel sector. Despite this, I'm pleased to report BlueScope has again delivered a strong result, with an underlying EBIT of $718M for the half year…"
In 1H FY2024, BlueScope returned $306 million to shareholders as part of BlueScope's ongoing objective to distribute at least 50% of free cash flow in the form of consistent dividends and on-market buy-backs.
Also, the Board has approved a fully franked interim dividend of 25.0 cents per share and an increase to the share buy-back program, to allow up to $400 million to be bought over the next 12 months. The full-year dividend level will be assessed in light of the growth and resilience of BlueScope's business portfolio, the reduced share count, and the medium-term macroeconomic and industry outlook.
For the second-half period of fiscal 2024, the company expects underlying EBIT to be in the range of $620 million - $690 million.
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