Australian mining company BHP Billiton has announced its financial results for the first half ended on December 31 of the financial year 2017-18.
Accordingly, BHP Billiton has posted a net profit of US$4.05 billion for the first half of the financial year 2017-18, compared to a net profit of US$3.2 billion in the corresponding period of the previous financial year, while the company's revenue increased by 16 percent year on year to US$21.77 billion.
Andrew Mackenzie, CEO of BHP, stated that higher commodity prices and a solid operating performance delivered free cash flow of US$4.9 billion in the given period, which was used to further reduce net debt. According to Mr. Mackenzie, BHP is on track to deliver further productivity gains of US$2 billion by the end of the 2019 financial year as it secures improvements in both operating and capital productivity, aided by smarter technology application across its value chain.
Meanwhile, BHP’s capital expenditure program remains focused on high-return, low-risk development opportunities in commodities where it sees greatest potential. The company remains firm in its resolve to maximize cash flow, maintain discipline and increase shareholder value and returns.