BHP reports $1.3-billion profit

The largest company in Australia, BHP, enjoyed record net profits of A$1.3 billion (US$924 million) for the fiscal year ended May 31.

The result was an increase of 29.6% over the previous year and a record for an Australian-listed company.

All four BHP divisions — steel, minerals, petroleum and service companies — reported improved profits.

BHP also benefited from a favorable exchange rate between the U.S. dollar and Australian currency. The Australian dollar fell in value to an average US69 cents in 1993-94 from US71 cents in 1992-93, boosting BHP’s Australian dollar earnings from U.S.-dollar denominated commodity sales.

Most mining units operated at capacity, with record shipments from the Escondida copper mine in Chile, iron ore operations in Western Australia and coal mining in Indonesia.