David Fickling From: Dow Jones Newswires August 25, 2010 4:34PM
BHP Billiton said today full-year net profit more than doubled to $US12.72 billion ($14.5bn), driven by demand for its commodities.
The world's largest mining company, whose $US38.6 billion hostile bid for Potash Corp was rejected by the Canadian fertiliser company's board last week, said revenues rose 5.2 per cent to $US52.8bn in the year ended June 30, from $US50.21bn the previous year.
Net debt was $US3.31bn, with net gearing of 6 per cent, compared with $US7.92bn and 15.1 per cent gearing at the end of December 2009, giving it more scope for the all-cash offer.
Excluding exceptional items, net profit was $US12.47bn, up 16 per cent on the previous year's $US10.72bn and slightly below a $US12.6bn consensus of 11 international broker forecasts compiled by the company. BHP said a weaker US dollar hit its results by $US2.15bn.
The company declared a final dividend of US45 cents a share, up from US41c in the previous year, and in line with the US44.6c average of five broker forecasts.
The proposed Pilbara iron ore joint venture with Rio Tinto was making progress.
