BHP Billiton’s profit doubles
The largest company in the mining sector - BHP Billiton, surprised investors with a plan to buy back shares worth 10 billion dollars. Much of this money will come from the record profit achieved in the first half of the fiscal year the company said Tuesday. The profits of BHP Billiton for the second half of 2010 amounted to a record 10.7 billion dollars. For the same period of 2009 positive result was 5.7 billion dollars, and analysts' expectations were for growth to 10.3 billion dollars. Good result allows the company to increase its dividend to 42 cents a share.
"Although we expect a slowdown in growth of demand for raw materials during the calendar year 2011, the economic situation still gives a pretty good short-term prospects for our products," commented CEO of BHP Marius Klopars. The profits from the mining and sale of iron ore has trebled during the period due to the appreciation of base metals. In petroleum products profit increased by 23%. By BHP, like their basic competitor Rio Tinto, warned that could lead to very high volatility in commodity prices.
Qantas Airways with radical measurements after 72% profit decrease
One of the largest Australian airline Qantas Airways has announced that removes the first class in almost all its routes after taking into account the 72 percent decline in profits. The financial result was lower than even the most skeptical analysts' forecasts. The carrier's net profit for the six months to 31 December 2009 was 58 million Australian dollars (52 million U.S. dollars) in a positive financial result of 210 million Australian dollars a year earlier. The company attributed the profit decline on reduced demand from customers. So Qantas passengers will be able to fly first class only between Australia and London in Singapore, and between Australia and Los Angeles.
Mining giant Rio Tinto with 14% lower profit
The British-Australian mining company Rio Tinto reported a decline in profit before taxes of 14 percent to 7.86 billion pounds in 2009. In the previous year was achieved a positive result before taxes of 9.18 billion dollars. The main reason for the deterioration of the results indicates the decline in commodity prices in 2009. Exactly he deletion of the positive effects of reducing the operating costs of the company. In 2009 recorded a drop in prices of almost all raw materials, which operates with Rio Tinto. For example, the average price of copper has been a 28 percent lower than the previous year, while aluminum was a 35 per cent cheaper. For the full year the company has shortened the cost of 2,6 billion dollars, with approximately 1 billion GBP have come to limit the production of aluminum. One of the major events that the company has experienced in 2009 was Spyware scandal, which resulted in four of its employees were arrested in China on charges of industrial espionage and corruption.
China launched yesterday in the case against them and if the allegations are proved, the four could face 27 years in prison.
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