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Strategies & Market Trends : Commodities - The Coming Bull Market
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To: Robert Douglas who wrote (732)8/23/2001 6:37:12 PM
From: craig crawford  Read Replies (1) of 1643
 
BHP Billiton's Net Profit
Just Meets Expectations
public.wsj.com

MELBOURNE, Australia -- BHP Billiton Group Ltd., one of the world's largest mining conglomerates, reported a solid net profit for the year ended June 30 of US$1.53 billion, up 1.5% from a year-earlier equivalent profit. The new group became a formal reality in June.
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Mr. Anderson expects the merged group's greater diversification and expanded output from new projects to help it weather the downturn that he said could weigh on metal prices for the next twelve months.
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Mr. Anderson said the group has earmarked a "small number" of assets for definite sale and is assessing the future of a suite of other assets that Mr. Anderson said are on "watch." Included in that category are the company's 80%-owned Ekati diamond mine in Canada, the Richards Bay titanium operation in South Africa, and the group's Stainless Steel Materials division. But Mr. Anderson said he is in no rush to make decisions on individual assets.
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Mr. George said BHP Billiton's reliance on the petroleum unit and Carbon Steel Materials is a concern given that he believes oil prices are likely to soften.
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