from ubs today Result Above Expectations NPAT pre-exceptional of...

from ubs today Result Above Expectations
NPAT pre-exceptional of US$3,510m. BHP Billiton reported FY 04 profit of
US$3,510m (pre-exceptionals) (EPS US56.4cps), which beat our estimate of
US$3,317m, (consensus US$3,299m). The key areas of difference between our
estimate and the result was a stronger EBIT contribution from Petroleum due to
lower costs than expected (we suspect some of the difference may have been a
non-cash benefit arising from the weaker A$ over the back half of FY 04), lower
interest, and a lower tax charge. The FY 04 profit represented an increase of
82.8% y/y and was a record profit for BHP Billiton.