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Mining giant BHP Billiton's profits down by 31%

  • BHP Billiton has posted a half-yearly profit of $5.35 billion, down 31% from the previous year mostly because of falling prices of commodities such as iron ore, copper and coal.

    The mining giant’s profits for the six months ending December 31 were, however, better than analyst expectations.

    BHP was forced to make substantial cuts on exploration spending and other investments. Its spending for the six months was $6.4 billion, a drop of 23% from the previous year.

    Tagged as: BHP Billiton, profit, commodities, iron ore, copper, coal, exploration, business news