BHP Billiton, the world's largest miner, has reported a record annual net profit of $10.5 billion. It also delivered an upbeat outlook amid unprecedented global demand for commodities.
The Anglo-Australian giant's results for the year to June 30, largely fuelled by demand from China, fell within market expectations and were up 63% compared with a year earlier.
'Commodity markets remain strong, underpinned by supply restrictions and a generally constructive global economy,' the company said.
The company's result was driven by record production levels for iron ore, aluminium, copper, nickel and natural gas and underpinned by what it described as a robust price and demand environment.
Prices for base metals and steel-making raw materials are at levels not seen since the 1980s, while oil prices have not been so high, in real terms, since the 1970s.
BHP Billiton said the outlook for the global economy was positive, although high fuel prices and rising interest rates could impede growth. It said Asia's powerhouse economic performance would continue and cast doubt on efforts to slow the booming Chinese economy.
