Mining giant BHP Billiton has seen its annual profits rise nearly 70% thanks to a recovery in commodity prices.
The company said it made $19.6bn �12.7bn in the 12 months to June, up from $11.6bn made in the previous year.
Last years results were hit by a slump in demand for commodities following the economic crisis.
In its results BHP gave no update on its $40bn bid for fertiliser maker Potash Corp, which was rejected by the companys board last week.
Analysts saw BHP will now have to table a higher offer in order to win round Potash Corp shareholders in a hostile takeover.
Mixed outlookThe miners results suggest it is in a strong financial position, with the rising price of iron ore and copper boosting sales.
But BHP said the outlook for commodities was mixed, with prices dependent on continued strong demand from emerging markets.
The company said that China, its biggest customer, is expected to see slower growth over the coming years, but that strong spending on commodities like iron ore should continue.
Domestic consumption is expected to remain strong and investment spending is likely to remain commodity-intensive, it said.
BHPs financial statement gave no update on its pursuit of Potash Corp, the worlds biggest producer of fertiliser.
But speaking to reporters later, BHPs chief executive Marius Kloppers said the company would not overpay for the company.
Let me stress, as always, we will remain disciplined, he said.
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