BHP Billiton Ltd., the world's largest mining company, had its full-year profit estimate for next year increased 15 percent by UBS AG because of a predicted rise in coal prices.
Net income may be $8.7 billion in the 12 months ending June 30, 2010, up from an earlier estimate of $7.6 billion, UBS analysts led by Glyn Lawcock said in a report yesterday. Melbourne-based BHP reported profit of $15.4 billion last year.
Coking coal prices, settled at a higher-than-expected $129 a metric ton for this year, may rise to $135 a ton next year, up from a previous forecast of $115 a ton, Lawcock said. This year's settlement was a 57 percent decrease on last year's price.
"It is difficult to describe the settlement outcome as anything but a significant victory for mining companies," he said. "Despite severe recessionary conditions and considerable deflationary pressure, nominal coking coal prices have settled at the second-highest level ever recorded."
UBS also increased its 2010 profit estimate for Rio Tinto Group by 3 percent to $5.9 billion. London-based Rio reported annual profit of $3.7 billion last year. BHP may report profit of $10.2 billion this fiscal year, UBS said.
Source: Bloomberg
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