BHP profits halve as demand falls

BHP is upbeat on long-term demand for its products

Annual profits at mining giant BHP Billiton have more than halved after demand for commodities slumped.

The firm ended a seven-year run of record results, making a pre-tax profit of $11.6bn (£7.1bn), down 51% from $23.5bn a year earlier.

The miner said that even if economic conditions improved, it did not expect commodity prices to move significantly as supply would also increase.

However, it was upbeat on long-term demand for its products.

Annual sales fell 16% to $50.2bn in the year to the end to June.

The firm employs more than 40,000 people across 25 countries. It has more than 100 operations across commodities including coal, iron ore, platinum, uranium , silver and diamonds.

The Anglo-Australian firm has benefited in recent years from a China-driven resources boom.

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