As significant as what BHP Billiton announced yesterday was what it didn't. Half-year results for the world's largest miner were better than expectations on almost every line: net income up 134 per cent, abundant free cash flow, net gearing less than half of the group's 10-year average. But there was no news of a widely anticipated share buy-back.
必和必拓(BHP Billiton)昨日公告中沒有提及的內容，和公告提到的內容同樣重要。這家全球最大礦業集團的半年度業績幾乎在每個方面都好于預期：凈利潤增長134%，充裕的自由現金流，凈負債率低于10年均值的一半。但必和必拓沒有發布市場廣泛預期的股份回購消息。
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