BHP profit falls 37pc

BHP Billiton has posted a 37 per cent drop in half-year profit to $US2.02 billion ($A2.55 billion) due to one-off losses of $US2 billion related to a cut to corporate tax rates in the US.

The mining giant’s revenue irose 16 per cent from a year earlier to $US21.8 billion, driven by stronger iron ore, coal and oil prices. The company declared a fully-franked interim dividend of US55c.