BHP Billiton $12.7B Profit Below Estimates

MELBOURNE, Australia (TheStreet) -- BHP Billiton (BHP), the giant miner, said profit for the fiscal year ended June 30 more than doubled to $12.72 billion, but the shares were trading lower in London after the figures missed estimates.

Analysts were expecting earnings of $13.3 billion, according to Bloomberg.

BHP, in a statement Wednesday, said the fiscal year saw record sales volumes in iron ore, metallurgical coal and petroleum.

A year ago, BHP had profit of $5.89 billion.

BHP said sales in the period rose 5.2% to $52.8 billion.

BHP Billiton said it "remains cautious on the short-term outlook for the global economy."

After a period of rapid recovery in the developing world, economies such as Brazil and India have returned to full output and the focus has now shifted away from supporting growth, towards controlling inflation," BHP said. "In China, the government has implemented meaningful measures aimed at controlling rapid economic expansion and asset inflation," adding ti expects China gross domestic product to slow.

The company made no mention Wednesday of the status of its $39 billion bid to acquire Potash Corp. of Saskatchewan(POT).

-- Written by Joseph Woelfel

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