SURGING demand from Asia and booming commodities prices have pushed BHP Billiton Ltd’s annual net profit up 28.4 percent to an all-time high of US$13.416 billion, the company announced yesterday.
Underlying profit, the measure watched by analysts, rose 35 percent to US$13.68 billion, just above the market consensus of US$13.5 billion.
The world’s largest mining company by market capitalization credited "solid activity in Asia and Europe" for the record result for the year ended June 30, 2007.
In a statement to the Australian Stock Exchange, the mining giant gave a positive outlook for the coming fiscal year, saying commodities prices are likely to remain high relative to historical levels, "albeit with increased volatility."
"Despite moderating US economic growth, global economic fundamentals remain strong and the ongoing strength shown by emerging Asian economies (including China) should support global growth," the company said.
Revenue for the year climbed 21 percent to US$47.47 billion from US$39.11 billion a year earlier.
BHP said higher prices boosted earnings for the year by US$7.1 billion and higher sales volumes added US$438 million, more than offsetting the US$859 million that rising costs shaved from earnings.
The miner posted a final dividend of 27 US cents, taking the full year payout to 47 cents a share, up from 36 cents a year earlier.
The annual profit result was announced only minutes before the Australian market closed.
