[miningmx.com] – BHP Billiton, the world’s largest mining company, posted a 31% increase in earnings owing to higher iron ore earnings while costs also declined, said Bloomberg News.
“They’ve delivered the earnings number, they’ve cut their capital expenditure and they are now getting very attractive returns on capital’ of 22%, Peter Esho, chief market analyst at Invast Financial Services told Bloomberg News.
“That’s what adds shareholder value, and that’s what the large, influential fund managers wanted to see,’ he said.
Underlying profit rose to $7.8bn in the six months to end-December from $5.9bn a year ago, beating a median forecast of $6.9bn of seven analysts surveyed by Bloomberg. The stock rose to a one-year high in Sydney.
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