Mining group BHP Billiton yesterday said rising commodity prices led to an 85.5 per cent surge in annual net profits to $6.5 billion (£3.6 billion).
The Anglo-Australian company, which has shares listed in London, said higher prices for iron ore, copper, aluminium and petroleum products contributed to the improvement in the year to June 30.
It said prices would " inevitably" ease from their highs as growth in demand slowed and new supply came on stream, although it continued to expect prices to remain high by historical standards.
Soaring demand from China has contributed to the rising prices, and the company said it welcomed the Chinese government ' s recent announcement of measures to tackle excessive growth rates.
BHP Billiton, the world's biggest miner, said: "We have not altered our view that China will remain a large and sustainable consumer of raw materials and resources over the coming decades."
However, it added: "We also believe that developing economies, like all economies, will be subject to business cycles which will impact economic activity from time to time."
Turnover increased to $31.8 billion (£17.7 billion), compared with $24.9 billion (£13.9 billion) last time.
