BHP Billiton has posted a record profit of $22.6 billion, almost twice last year’s result and the biggest profit ever recorded by an Australian company. 


The result was recorded on annual revenue of $72 billion, up 36% from the previous year, and a staggering 86 per cent profit increase.


The company’s biggest earner, iron ore posted its 11th consecutive production record with profits up 122% to $13 billion. Base metals were up 50% to $7 billion and profits from oil increased 40% to $6 billion.  Negative impacts on the bottom line were driven by increased costs in raw materials and labour and the impact of the Queensland floods.


Robust demand, industry wide cost pressures and persistent supply side constraints continued to support the fundamentals for the majority of BHP Billiton’s core commodities. In that context, another strong year of growth in Chinese crude steel production ensured steelmaking material prices were the major contributing factor to the US$17.2 billion price related increase in Underlying EBIT.


In other recent news, BHP Billiton has finalised its $US12.1 billion bid to secure a 97.4% holding of US shale gas producer Petrohawk. Under the takeover, Petrohawk will become an indirect wholly owned subsidiary of BHP Billiton.


The full summary of BHP's financial results is available here.