BHP Billiton's profit jumps 116 per cent to $12.7 billion

The world's largest mining group BHP Billiton more than doubled its profit for the full year ended 30 June 2010 to $12.7 billion, posting an impressive growth of 116.5 per cent compared to the previous year's $5.9 billion, the company reported yesterday.

The consolidated revenue for the Anglo-Australian group comprising BHP Billiton Limited and BHP Billiton Plc was up 5.2 per cent at $52.8 billion in FY2010 over last year's $50.2 billion, buoyed by record demand for iron ore, metallurgical coal, and petroleum products in the wake of waning global recession.

Underlying earnings before interest and taxes (EBIT) increased by 8.3 per cent to $19.7 billion, and attributable profit, excluding exceptional items was up 16 per cent at $12.5 billion for the year.

Iron ore sector contributed to 30 per cent of EBIT at 6 billion, about 4 per cent lower than FY2009, followed by around 4.6 billion each by base metals and petroleum, which registered increases of 259 per cent and 12 per cent respectively over last year.

However, earnings from metallurgical coal dropped by 56 per cent to 2 billion and energy coal by 50 per cent to $730 million for the year.

A weaker US dollar made a negative exchange rate impact of $2.1 billion on the EBIT, the company said.