BHP Billiton breaks corporate record for net profit
Booming commodity prices have increased
BHP Billiton's net profit to a record-breaking $3.5 billion for the fiscal year 2003-2004, with an increase of 83%.
BHP Billiton, the world's largest diversified mining company, also announced that the soaring demand from
China and limited world reserves will most likely sustain high prices in the future.
BHP Billiton's CEO Chip Goodyear also attributed the huge profit to the company's three years of detailed planning and preparation. Goodyear further added that commodity prices have risen to their highest level in seven years due to synchronized world growth, strong demand from
China, and relatively low inventory levels.
BHP Billiton also announced that its project pipeline over the next three years, which includes 23 projects worth $8.6 billion, would ensure the company's ability to meet this surge in global demand.