BHP Billiton Limited (ASX:BHP, LON:BLT) has unveiled an annual profit jump and plans to create a new $15 billion spin off entity.
The global diversified miner’s net profit soared 23 per cent to $13.83 billion in the full 2014 financial year, coming in slightly higher than analysts had expected.
CEO Andrew Mackenzie says with robust volume growth and further productivity gains expected BHP remains confident in its outlook.
BHP has declared a final dividend of $US0.62 per share, taking its full-year dividend to $US1.21 per share, 4 per cent higher from last year.
The mining giant has also announced a new entity which is expected to be listed from the first half of 2015 in Australia with a secondary listing on the Johannesburg Stock Exchange.
BHP believes the proposed demerger will accelerate the simplification of the group's portfolio, provide investors with choice and unlock value in both companies.
Shares in BHP Billiton have risen in Australia in anticipation of the announcements and last traded at $39.68, but tumbled 2.8 per cent in on the London Stock Exchange following the news.
