South32 (ASX:S32) posts 46% drop of HY21 profit

The South32 Ltd (ASX: S32) share price is largely unmoved after the large resources business posted a significant decline of net profit.

South32 has projects across multiple continents, including Australia and South America. It mines and produces a number of different commodities including bauxite, alumina, aluminium, energy and metallurgical coal, manganese, nickel, silver, lead and zinc.

South32’s heavy profit decline in HY21

South32 reported that its revenue declined by 8% to US$2.9 billion.

Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 7% to US$633 million, whilst underlying earnings before interest and tax (EBIT) dropped 4% to US$282 million.

South32 reported that underlying…