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Company News Summary

South32 Provides Financial Results

23 Aug 2018  |  08:19:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Financial Results & Outlook Year Ended 30 June 2018

South32 provided financial results. The Group's statutory profit after tax increased by US$101m (or 8%) to US$1.3bn in FY 2018. The Consistent with its accounting policies, various items are excluded from the Group's statutory profit to derive Underlying earnings including: redundancy and restructuring charges associated with the simplification of the Group's functional structures and the voluntary redundancy program undertaken at Illawarra Metallurgical Coal (US$58m pre-tax). On this basis, the Group generated Underlying EBITDA of US$2.5bn for an operating margin of 37% as higher realised prices for the majority of its commodities gave rise to a US$599m increase in sales revenue.

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