On August 24, Australian mining company BHP Billiton announced its financial results for the fiscal year ended June 30, 2011, stating that the company's strategic focus on large, low cost and expandable assets, delivered record financial performance and returns.
According to the company's unaudited financial statement prepared in accordance with International Financial Reporting Standards (IFRS), BHP Billiton posted a full fiscal year net profit of US$23.64 billion for the year ended June 30, 2011, up by 85.9 percent from US$12.72 billion in the previous year. In the given period, the company's net profit excluding exceptional items increased by 73.9 percent to US$21.68 billion from US$12.46 billion, while its revenue was up by 35.9 percent year on year to US$71.73 billion from US$52.79 billion.
While BHP Billiton's EBIT increased in FY 2010-11 by 62.2 percent to US$31.98 billion from US$19.72 billion in FY 2009-10, its EBITDA reached US$37.09 billion, increasing 51.3 percent compared to the previous year's US$24.51 billion.
FY 2010-11 | FY 2009-10 | Change | |
Revenue | 71,739 | 52,798 | 35.9% |
Underlying EBITDA | 37,093 | 24,513 | 51.3% |
Underlying EBIT | 31,980 | 19,719 | 62.2% |
Profit from operations | 31,816 | 20,031 | 58.8% |
Attributable profit - excluding exceptional items | 21,684 | 12,469 | 73.9% |
Attributable profit | 23,648 | 12,722 | 85.9% |
Net operating cash flow | 30,080 | 17,920 | 78.1% |
The mining giant said, "An ongoing commitment to invest through all points of the economic cycle delivered record annual production across four commodities and 10 operations. Our decision to invest in our Western Australia Iron Ore business during the depths of the global financial crisis facilitated an 11th consecutive annual increase in iron ore production, as prices continued to test new highs."
Regarding the economic outlook, BHP Billiton said, "Global economic growth slowed during the second half of the 2011 financial year as emerging economies tightened monetary policy, the Japanese tsunami disrupted trade flows and fiscal austerity measures adversely affected demand. However, a coordinated policy response has the potential to engender confidence and ease the volatility that has been the dominant theme of recent years. Despite these near term challenges, we remain positive on the longer term outlook for the global economy."