BHP has already announced job and production cuts

Mining giant BHP Billiton has seen its half-year profits fall by a quarter, saying it had been hit by "a rapid deterioration in market conditions".

The Anglo-Australian firm made a pre-tax profit of US$6.9bn (£4.8bn) in the six months to 31 December, down 25% from $9.1bn a year earlier.

BHP said it was also affected by one-off costs, including the abandonment of its bid interest in rival Rio Tinto.

Global metal demand and prices have slumped as the economy has worsened.

'Robust performance'

BHP's half-year revenues totalled US$30bn, down 17% from the year before.

Given market conditions and the potential for a worse outcome, the results are pretty positive Peter Chilton, Constellation Capital Management.

The company said its latest results "represented a robust operating and financial performance achieved in an environment that deteriorated significantly during the period".

BHP announced last month that it plans to cut about 6,000 jobs worldwide to cope with falling demand for its products.

The firm abandoned takeover interest in its fellow Anglo-Australian rival Rio Tinto in November of last year, blaming the fall in global metal prices.

"Given market conditions and the potential for a worse outcome, the results are pretty positive," said Peter Chilton, analyst at Constellation Capital Management.