BHP Billiton reports 77 percent surge in H2 profits |
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Published
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Wed, 23 Aug 2006 10:40
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SYDNEY - BHP Billiton, the world's biggest miner, today reported that its second-half profit increased by 77 percent thanks to surging copper and iron ore prices.
The net income of the Australia-based group increased to $6.1 billion in the six months ending June 30 as compared to $3.45 billion reported at the same time last year. BHP chief Executive Officer Charles ``Chip'' Goodyear revealed that the global outlook was very positive as demand is predicted to rise in China. The annual profits for the year ending June 30 jumped to a record $10.45 billion from a restated $6.4 billion at the same time a year ago.
"Commodity markets remain strong underpinned by supply restrictions and a generally constructive global economy,'' the company said in the statement. ``We are likely to see an extended period of high cyclical prices.'' Meanwhile the record profits may prompt workers at Escondida in Chile to continue their strike to demand higher wages. The workers at the world's largest copper mine; have been on strike over the last fortnight over pay problems.
BHP Billiton said that it would be buying back $3 billion of stock. It predicted that the growth in Chinese demand would spur further profits. "China's economic growth is expected to remain strong, even if attempts to cool strong growth are successful," BHP said. There are no signs of an imminent retreat in bulk commodity prices." However the group added "over the longer term we expect the introduction of new capacity to return prices to more sustainable levels."
BHP Billiton announced a final dividend of 18.5 cents a share up by 28 percent from last year's 14.5 cents a share.
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