Biggest ever profit revision
Email Print Normal font Large font May 12, 2006
What's a mere $2.3 billion? The difference between BHP's ordinary profit and its next one.
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AdvertisementA FEW weeks back, the Treasurer warned Australians the resources boom wouldn't last forever.
You wouldn't have known it yesterday after Goldman Sachs JBWere analysts raised their full-year earnings forecast on BHP by $US1.8 billion ($2.3 billion).
As the mining analysts noted yesterday, it's the largest profit upgrade they have ever made.
And while they were at it, Neil Goodwill and Ian Preston raised their prediction of Rio Tinto's 2007 result by $US1 billion.
In perhaps a rare move for number crunchers, the pair realised the revised forecasts might raise a few eyebrows and, even, "stretch credibility", but stuck to their guns anyway.
Based on their numbers, BHP could earn a massive $US11.4 billion in 2007, while Rio could rake in $US6.3 billion.
Other miners benefiting substantially from the commodity price upgrade in 2007 included Oxiana, Portman Mining, Newcrest Mining and Lihir Gold.
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