BHP Billiton to Cease Quarterly Reporting of Financial Results

The world’s largest miner, BHP Billiton, said on Friday that it would no longer report quarterly financial results. The company says it will continue to release a quarterly production report and exploration and development report, in accordance with the Listing Rules of the Australian Stock Exchange.

Chris Lynch, BHPB’s CFO, says, “Quarterly reporting consumes significant amounts of management time and encourages a short term focus on what is a long term business. Henceforth, we will follow the standard practice in the Australian and UK markets of reporting half and full year results. 

“The decision to cease quarterly reporting also brings us into line with our major peers. The operational performance of the company will continue to be reported on a quarterly basis through our production report.”

BHP Billiton will release its half year results on February 19, 2004 and its full year results in August 2004.