Anglo-Australian mining group BHP Billiton has reported an annual net profit of $6.5 billion, the highest result in Australian corporate history, mainly because of soaring Asian demand for raw materials.
The result comes on the back of the aggressive price increases secured for the company's iron ore, notably from Chinese steel makers, coupled with higher global prices for commodities in general and record production levels.
For the year ended June, the world's largest diversified resource group reported that net profit, excluding exceptional items, was up 85.5% to $6.5 billion, ahead of market forecasts.
In April BHP Billiton won a 71.5% rise in iron ore prices from a number of its steel customers as China's demand for steel-making materials intensified.
Meanwhile, record production levels were reached in 11 commodities including iron ore, metallurgical coal, natural gas, aluminium and nickel. Production of energy coal and copper also increased during the year.
BHP Billiton said it expects above-trend global economic growth to continue to provide a 'sound underpin for commodity demand'.
