BHP Billiton reported 47% increase in its profit
Australian steel producer
BHP Billiton has recently posted its interim results for the six-month period ended on December 31, 2003.
Accordingly, the company posted a net profit of $1.34 billion (A$1.7 billion), which is 47% higher than the figure recorded in the corresponding period of previous year. The rise in the profit is stated to have achieved through the high demand from
China.
Earnings before interest and tax (EBIT) of the company is recorded as $2.18 billion, indicating a 32% increase when compared with the same period of previous year and earnings before interest taxes depreciation and amortization (EBITDA) is recorded as $3.12 billion, up by 23% again when compared with the same period of previous year.
These improved results are attributed to the increase in sales volume of the products.
An official from
BHP Billiton stated that the results are the best results the company has ever recorded.
The company also expects merger benefits and cost savings of $770 million by June 30, 2005.