The result was up 83% on the previous corresponding period and was followed by the announcement of plans to return around $2.8 billion to shareholders in a capital management strategy which could include a share buyback.

Although revenue was up across all the company’s groups, increasing by an average of more than 42%, the petroleum division contributed $1.94 billion to the group's earnings before interest and tax (EBIT), an 18% improvement on the previous year. Energy coal contributed $327 million to EBIT, 18.2% more than 2002/03.

China’s hunger for minerals pushed the base metals EBIT to $1.6 billion, more than triple the previous year's contribution of $399.5 million, while the stainless steel materials division's EBIT of $797.6 million was nearly three times the contribution from the previous year.

The group currently has 23 new projects in the pipeline worth $12 billion over the next three and a half years, which will ensure it is well placed to supply increasing demand out of Asia, the United States and a slowly recovering Europe.

BHPB chief executive Chip Goodyear said the group was considering returning another $2.8 billion to investors, a figure which when allocated would bring returns to 60 cents a share for the year.

During the week BHP Billiton shares hit an all time high of $13.39 after predictions of the record result hit the market, before easing to $13.21 at the time of printing.