BHP Billiton Reports $6.4bn Loss for 2015-2016 Fiscal Year
BHP Billiton reports a record loss for the past year
Melbourne - QNA
The world's top iron ore producer BHP Billiton on Tuesday posted a $6.4 billion loss for 2015-16, the first full-year statutory loss in the history of the Anglo-Australian company.
The results were due to a 31% fall in revenue to 30.1 billion, as well as a multibillion-dollar writedown in the value of some of its assets, the company said.
Last year's result saw the company make a profit of 1.9 billion. Its best annual result was profits of $23.6 billion in 2010-11. CEO of the company said that over the long-term, he remains objective over commodity prices, especially oil and Copper.
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