BHP Billiton’s full-year profit fell 29.5% to $US10.9 billion on weak commodity prices, higher taxes and financing charges.
The result, which came after close of trading today, missed the market’s expectation of a $US12.6 billion profit, down from $US15.4 billion last year.
BHP said the 12 months to 30 June was a period “characterised by slowing global growth and volatile commodity markets”, highlighting China’s economic slowdown in particular.
It committed to limiting capital and exploration expenditure in 2014 to $US16.2 billion, including a new three-year investment in the Jansen Potash Project expected to cost a total of $US2.6 billion.
CEO Andrew Mackenzie said the company aimed to boost productivity by optimising its supply chain and simplifying the organisation.
Miners have had a tough time this year. Economists say the Australian mining boom is coming to an end.
Earlier this month, Rio Tinto revealed that its half-year profit fell 71% to $US1.72 billion, missing analyst expectations by about $US2.5 billion.
BHP shares fell 1.35% to $36.54 today, in the lead up to the full-year results announcement.