BHP profit jumps to record

BHP Billiton, the world's biggest miner, reported a 77% leap in second-half profit on strong metal prices, but shares fell as the result just met expectations and disappointed investors betting on a bigger pay-out. The result swept full-year profit 63% higher to a record $10.45 billion versus a restated $6.4 billion a year ago, attributed by the company to the sharp gains in prices for copper, aluminum, iron ore and other industrial staples and was in line with market expectations of $10.49 billion.

The company, which set a $3 billion share buyback, forecast an extended commodities bull run on supply shortages and demand growth across the world. But BHP, which already is dealing with a strike at its biggest copper mine, did warn of wage pressures and ballooning equipment costs - bulldozer tires cost as much as $20,000 each.

(2006-08-24 00:23:47 SGT) [Biz] Permalink

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