BHP RESULTS

BHP BILLITON LIMITED Last trade $8.890 at 16:27 7/8/2002






Sydney - Wednesday - August 7: (RWE) - BHP Billiton Ltd lifted
net profit 10.5 per cent to $US1.69 billion in the 12 months to June 30.
Revenues were down 6.8 per cent to $17.78 billion, due to lower
commodity prices, sales volumes and contributions from ceased and sold
operations.
These factors were partly offset by contributions from new and
acquired operations.
Appears to be a good result with nothing to nasty


Earnings before interest and tax, excluding exceptional items,
fell 12.1 per cent to $3.19 billion from $3.63 billion, caused by the
lower commodity prices, lower profits from ceased, sold and discontinued
operations, increased exploration expenditure and the impact of
inflation on operating costs.
Offsetting factors were profits from new and acquired
operations, the favourable effect of exchange rate movements, lower
price-linked costs and increased profits from asset sales.
Basic earnings per share fell 12.8 per cent to US32.1c.
Final dividend of US6.5c, fully franked, was paid on July 3 and
brought payout for the year to US13c.
The company said: "In recent weeks extreme volatility in equity
markets, falling business and consumer confidence and heightened risk
aversion have cast a pall over the global economic outlook.
"In reaction, the prices of many traded commodities have fallen
to or are near multi-month lows.
"In these circumstances, the executive team will concentrate on
the sound management of our businesses while remaining alert for
opportunities that might arise from the turmoil.
"Whilst our short-run profits may show volatility due to
movements in foreign exchange rates, our accounting practices provide
balance sheet stability and proper management of our costs over the long
run.
"Additionally, our diversified portfolio of high-quality assets
provides more stable cashflows, leaving us well placed to prosper where
others might not."
The announcement was made after the close of trading.
BHP Billiton rose 59c to $8.89.
ENDS