HomeBase MetalsBHP Billiton earnings up 22%

BHP Billiton earnings up 22%

BHP Billiton “’
profits soaring
Melbourne, Australia — MININGREVIEW.COM — 02 October 2009 – BHP Billiton Limited “’ the world’s largest mining company “’ may report full-year earnings up to 22% greater than the company’s earlier forecast for this financial year because of higher metal prices, says the Royal Bank of Scotland Group Plc.

In a report to the company, analysts led by Warren Edney said BHP’s profit after tax could reach US$10.68 billion (R85 billion) in the current year. Profit might rise to US $14.9 billion (R119 billion) in the year ending June 30, 2011 “’ up 11% on an earlier forecast, he said.

The bank lifted its forecast for copper in this financial year by 28%, and by 20% the following year. Copper has gained 95% this year.

“BHP is one of the best-placed miners to take advantage of the global economic recovery and the subsequent increase in commodity demand,” Edney said. He has a “buy” rating on the Melbourne-based company.