Australian mining company BHP Billiton has announced its financial results for the year ended June 30, 2012.
According to the company's unaudited financial statement prepared in accordance with International Financial Reporting Standards (IFRS), BHP Billiton posted a net profit of US$15.41 billion for the financial year 2011-12, down 34.8 percent from US$23.64 billion in the previous year. In the given year, the company's revenue was up by 0.7 percent year on year to US$72.22 billion from US$71.73 billion.
According to BHP's statement, Western Australia iron ore shipments rose to a record annualized rate of 179 million mt in the June quarter thanks to sustained investment. Western Australia iron ore production is forecast to increase by approximately five percent in the 2012-2013 financial year.
During FY 2011-12, BHP Billiton approved eight major projects for a total investment commitment of US$7.5 billion.