BHP Billiton axes quarterly reports

Melbourne-based BHP Billiton will no longer publish quarterly financial results.

Instead, the company will only issue quarterly reports on production, exploration and development, in accordance with the listing rules of the Australian Stock Exchange. The company is also listed on the London and New York stock exchanges.

“Quarterly reporting [of financial results] consumes significant amounts of management time and encourages a short-term focus on what is a long-term business,” says Chris Lynch, chief financial officer of BHP Billiton. “Henceforth we will follow the standard practice in the Australian and U.K. markets of reporting half and full-year [financial] results.”

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

BHP Billiton will release its half-year results in February and August.