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Premier-eFinance: BHP Billiton reports record full-year profits.
BHP Billiton Ltd, the world’s largest mining firm says second-half profit rose to a record and beat analysts’ estimates.
Net income climbed to $13.1 billion for six months ended June 30 from $6.6 billion a year ago, according to BHP spokesperson Kelly Quirke. Analysts were expecting $11.6 billion.
Both BHP and Vale SA have now reported record profit as the economy in China, the world’s biggest consumer of metals, expanded 9.5% in the second quarter. CEO Marius Kloppers is diversifying earnings by adding U.S. shale gas assets, including a $12.1 billion bid for Petrohawk Energy Corp., his second foray into the industry in 2011.
“Iron ore, coal are still holding on to the highs that we’ve seen earlier in the year and so profitability for the mining companies has really been very strong,” BlackRock Inc.’s Catherine Raw, who helps manage the $17 billion World Mining Fund, informed Premier-eFinance sources ahead of the results.
BHP is to pay a final dividend of $0.55 a share, a 22 % improvement on last year, and more than the $0.50 cent estimate from UBS AG and Deutsche Bank AG.
“We expect robust demand in the short-and-medium term, supported by commodities intensive emerging economic growth,” BHP informed Premier-eFinance. “A more positive demand dynamic remains a distinct possibility should policy be enacted to further stimulate growth in the developed world.”
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