BHPB achieved record production of metallurgical coal and output of energy coal increased.
After exceptional items, the profit came in at $US6.4 billion (up nearly 90%), with turnover at $US31.8 billion (up 27.5%), EBITDA $US11.45 billion (52.5%), and EBIT $US9.33 billion (70%).
While BHPB said it had achieved record annual production volumes for 11 commodities, this only increased EBIT by $US110 million after taking into account the unfavourable impacts (worth $US265 million) of lower oil production, lower diamond sales, and maintenance shutdowns.
In contrast, stronger prices increased EBIT by $US5.66 billion.
The BHPB performance is broadly in line with those of its peers, with the average earnings increase (ex-BHP) being recently put at around 70% by Citigroup Smith Barney. The bulk of the increases have come courtesy of strong prices.
However, Rio Tinto was flagged as the exception, with around 40% of its earning growth generated by increased volumes.
