The Australian-based company reported EBITDA up 9.2% to US$5,129 million and EBIT up 12.2% to US$3,481 million, both from continuing operations.

The 2002-2003 earnings were marked by adverse movements in exchange rates, compared with the corresponding period.

Energy Coal contributed EBIT of US$190 million, down from US$536 million, a decrease of 64.6% compared with the corresponding period.

BHP Billiton said the decrease in EBIT was primarily due to a 15% decline in South African export market prices and the closure of the Rietspruit mine in May 2002.

This was partially offset by higher sales volumes at Ingwe (South Africa), and at Hunter Valley with the Mount Arthur North project ramping up production.