CANBERRA, Australia (AP) – The world’s biggest miner, BHP Billiton, on Tuesday reported a $6.4 billion loss, the worst full-year result in the Anglo-Australian company’s history.
BHP said the result for the fiscal year ending June 30 came from a 31 percent fall in revenue to $30.1 billion amid weak commodity prices, write downs of U.S. oil and gas assets and a disaster at a Brazilian mining joint venture.
BHP posted a $1.9 billion profit for the previous year, which was 14 percent of the $13.8 billion posted in 2013-14.
The latest result is the worst since the company headquartered in Melbourne, Australia, was formed in 2001 through the merger of two corporations founded in the 19th century – Australia’s Broken Hill Proprietary Co. Ltd. and London-listed Billiton Plc.
In 2010-11, it posted its best results ever of $23.6 billion.