Poor South32. Not only was it granted the smallest, least valuable bits of the BHP empire, it also reported its maiden result on one of the worst trading days in half a decade. The share price plummeted and reaction ranged from disinterest to disappointment but we find such pessimism baffling. This was an excellent result.
Underlying earnings before interest and tax (EBIT) rose 56% to US$1bn, a stunning outcome considering weaker commodity prices.