[ferro-alloys.com]Diversified miner South32 has lifted its full-year net profit 8 per cent to $US1.33 billion ($1.81 billion), helped by cost reductions and stronger commodity prices.

Its underlying earnings for the year to June 30 were up 16 per cent to $US1.33 billion, while revenue was up 9 per cent to $US7.55 billion.

Chief executive Graham Kerr said the company was well-positioned for the future.

“We achieved record production at Australia Manganese and Mozal Aluminium, delivered a 10 per cent increase in total manganese ore production and a 20 per cent increase in payable nickel production at Cerro Matoso,” he said.

“At the same time our fully integrated aluminium supply chain benefited from tight markets by virtue of our predominantly index-linked 3.2 million tonne long alumina position.

“The decision to manage South Africa Energy Coal as a standalone business has also allowed us to collapse our regional model and simplify the group, and is expected to deliver a $US50 million annual cost saving from the 2020 financial year.

“We will also commence a process to broaden South Africa Energy Coal’s ownership in the September 2018 quarter.

“This new way of working is not only lean but also scalable, allowing us to expand our global footprint and invest in opportunities where we can create value.”

South32 will pay a fully-franked final dividend of US6.2¢ per share, down from US6.4¢ a year ago.

• [Editor:王可]