BHP Billiton sees massive profit drop

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BHP Billiton sees massive profit drop

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Mining behemoth BHP Billiton has announced a massive 31 percent drop in profits for the half-year to December.

The falling price of iron ore, coal, copper and related commodities has hurt BHP.

To offset the profit fall the company has cutback spending on exploration and general investment.

BHP ploughed $6.4bn into its business last year down some 23 percent on the previous 12 months.

Still analysts expected results to be a lot worse.

Profits ran at a still impressive $5.3bn, not quite the time for BHP Billiton to dig deep.