BHP Billiton net plunges 29.5 to 10.88 bn

Anglo-Australian mining giant BHP Billiton today said its net profit slumped 29.5 per cent to 10.88 billion in the year to June,citing slowing global growth and commodity price volatility.

The worlds biggest miner said lower prices for its key resources,including a 17 per cent dive in iron ore,wiped 8.9 billion from underlying earnings of 28.4 billion. BHP Billiton delivered robust financial results in the 2013 financial year,a period characterised by slowing global growth and volatile commodity markets, the miner said in a statement to the Australian stock exchange.

Economic conditions over the second half of the 2013 financial year were affected by lower-than-expected growth in emerging economies, it added.