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SYDNEY: Mining giant BHP Billiton on Wednesday said first-half profits had more than doubled to US$6.14 billion, but it remained cautious about the economic outlook.
Profits were up 134 per cent from US$2.62 billion a year earlier, smashing market forecasts after demand recovered in the wake of the global financial crisis.
BHP said global economic conditions had improved with the United States and Europe lifting their industrial output, China returning to double-digit growth and India proving resilient.
"Despite this positive momentum, we remain cautious about the speed and strength of the global recovery across the developed world," it warned in a statement.
"It appears that stimulus measures that supported the recovery have not fully addressed structural issues such as weak labour markets and excess production capacity in developed economies."
BHP, which is dual-listed in London and Sydney, is the world's biggest mining company, employing 41,000 people in 25 countries.
- AFP/sc
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