3rd Quarter & 9 Mths Results

BHP Limited
3 May 2001

 
                         BHP Third Quarter Profit Report
                                   March 2001
                                        
                                      Quarter ended 31 March
                                                        
  Results Summary                      2001      2000   Change
                                                        %
   Revenue  ($ million)                                      
   - Sales revenue                    4 863     5 123    -5.1
   - Other revenue                      223       302   -26.2

                                      5 086     5 425    -6.2
                                                             
   Profit/(loss) from ordinary                               
   activities                           121      (273)
   before tax  ($ million)
                                                             
   Net profit/(loss) attributable                            
   to BHP shareholders  ($ million)      27       (46)
                                                             
   Basic earnings per share             1.5      (2.6)       
  (cents)
                                                             
  Significant Features

.   an  $811  million charge to profit for the write-off of  the
    equity investment in HBI Venezuela and the establishment of
    provisions for related financial obligations to  banks  and
    other associated costs;

.   excluding the impact of the HBI Venezuela charge, after  tax
    profit was $838 million reflecting continued strong financial
    performance;

.   benefits from lower A$/US$ exchange rates;

.   higher prices for petroleum products; and

.   a  fully franked final dividend of 26.0 cents per fully paid
    ordinary share will be paid on 2 July 2001 to shareholders of
    record on 8 June 2001.
 
Group Result and Dividend

Quarter Result

The  profit after tax attributable to BHP shareholders for the quarter ended  31
March  2001 was $27 million.  This was an increase of $73 million compared  with
the corresponding period  (1).

Basic  earnings  per  share were 1.5 cents compared with  (2.6)  cents  for  the
corresponding period.

The  result for the quarter ended 31 March 2001 includes an $811 million  charge
to  profit for the write-off of the equity investment in HBI Venezuela  and  the
establishment of provisions for related financial obligations to banks and other
associated costs.  Excluding the impact of the HBI Venezuela charge, the  profit
after  tax attributable to BHP shareholders for the quarter ended 31 March  2001
was  $838 million, reflecting a continuation of the strong financial performance
of the Group.

The  following  major  factors affected profit after  tax  attributable  to  BHP
shareholders for the quarter ended 31 March 2001 compared with the corresponding
period:

Exchange rates  (positive impact of $190 million)

Foreign  currency  fluctuations  net  of hedging  had  a  favourable  effect  of
approximately $190 million compared with the corresponding period.

Asset sales  (positive impact of $50 million)

Profits  from  asset  sales were approximately $50 million higher  than  in  the
corresponding period.

Prices  (positive impact of $40 million)

Higher  prices, after commodity hedging, for petroleum products increased profit
by  approximately  $115 million compared with the corresponding  period.   These
increases  were  partly  offset  by lower prices  for  steel  and  copper  which
decreased  profit  by approximately $70 million compared with the  corresponding
period.

New operations  (positive impact of $25 million)

Equity   accounted   profits  from  QCT  Resources  Limited  (QCT)   contributed
approximately $20 million for the quarter.

Costs  (positive  impact of $10 million)

Costs  had  a favourable impact of approximately $10 million compared  with  the
corresponding  period.   This  was mainly due to  lower  borrowing  costs  as  a
consequence  of  reduced debt levels.  This was partly offset  by  higher  costs
arising from industrial action and planned repairs and maintenance shutdowns  at
Port Kembla steelworks (New South Wales) and coal operations in Queensland.

(1)  In  this  report  all references to the corresponding  period  are  to  the
  quarter  ended 31 March 2000.  The corresponding period has been  restated  to
  include  items  previously  treated as abnormal within  the  determination  of
  profit or loss from ordinary activities.

Ceased, Sold and Discontinuing operations  (negative impact of $80 million)

Increased equity accounted losses from HBI Venezuela had an unfavourable  effect
on  results of approximately $30 million compared with the corresponding period.
The corresponding period included profits from discontinued steel operations  of
approximately  $30 million, and profits of approximately $20  million  from  the
Buffalo oil field (North West Australia), which was sold in the current quarter.

Exploration  (negative impact of $30 million)

Exploration  expenditure charged to profit was approximately $30 million  higher
than  in  the corresponding period mainly reflecting Petroleum activity  in  the
Gulf of Mexico (USA), Latin America and Algeria.

Volumes  (negative impact of $20 million)

Lower  sales  volumes  mainly from the Petroleum and Steel businesses  decreased
profits  by  approximately $45 million compared with the  corresponding  period.
This  was partly offset by higher iron ore shipments which increased profits  by
approximately $20 million compared with the corresponding period.

Other (positive impact of $50 million)

Reflects  higher equity accounted results from Samarco (Brazil), a reduction  in
the Papua New Guinea withholding tax rate and higher interest income.  Combined,
these items had a favourable impact on profit of approximately $50 million.

Significant items (negative impact of $205 million)

The decision to cease further investment in HBI Venezuela had a net unfavourable
effect  of  $811 million, comprising the write-off of the equity  investment  of
$322  million  (no tax effect), and associated provisions of $489 million  after
tax  for  related  financial obligations to banks and other  legal,  direct  and
indirect costs.

The  result  for  the corresponding period included a net loss of  approximately
$605 million comprising a loss of approximately $795 million after tax from  the
write-off  of HBI Western Australia, partly offset by an associated tax  benefit
of approximately $190 million arising from funding arrangements.

Year to Date Result

The  profit after tax attributable to BHP shareholders for the nine months ended
31 March 2001 was $1,454 million.  This was an increase of $290 million or 24.9%
compared with the nine months ended 31 March 2000.

Basic earnings per share for the nine months ended 31 March 2001 were 81.5 cents
compared with 65.9 cents for the nine months ended 31 March 2000.

Dividend

Directors  announced that a fully franked dividend of 26.0 cents per fully  paid
ordinary share will be paid on 2 July 2001 to shareholders of record on  8  June
2001.

Details of the dividend are included on page 15.

Significant Developments

Significant developments during the quarter included:

* On  19  March  2001,  BHP  and Billiton Plc (Billiton) announced  a  merger   
  to establish a diversified global resources group, to be called BHP Billiton.

  The  merger  will be achieved through a dual listed companies (DLC)           
  structure, allowing  the  existing  primary listings on the London  and       
  Australian  stock exchanges  to  be maintained, as will the secondary listing 
  on the Johannesburg Stock  Exchange,  and an American Depository Receipt      
  listing on  the  New  York Stock Exchange.

 Under  the  terms  of  the  merger one existing Billiton  share  will  have  an
 economic  interest  equivalent to 0.4842 existing  BHP  shares.   In  order  to
 ensure  that the economic interest of each BHP and Billiton share is equivalent
 following  implementation of the DLC, there will be a BHP bonus  issue  to  its
 shareholders  at  a ratio of 1.0651 additional BHP shares for  each  BHP  share
 held.

 The  merger  is  conditional  upon  the  approval  of  both  BHP  and  Billiton
 shareholders and certain regulatory approvals.

* On  19  March 2001, BHP announced its intention to spin-out the remaining     
  Steel businesses.  The spin-out is expected to be completed no later than the 
  end  of  calendar 2002.

Segment Results (after tax)

                                 QUARTER ENDED 31 MARCH  
  
                                          2001               2000
                                         $ million         $ million  Change %

Minerals                                      83               (496)

Petroleum                                    547                332     +64.8

Steel                                         76                139     -45.3  

Services (1)                                                     (1)

Net unallocated interest                     (64)              (112)

Group and unallocated items                 (615)                89

Net profit/(loss) before
outside equity interests                      27                (49)

Outside equity interests                       -                  3

Net profit/(loss) attributable
to members of the BHP entity                  27                (46)

The  total  loss on the write-off of the equity investment in HBI Venezuela  and
the  establishment of provisions to cover related financial obligations to banks
and other associated costs is $811 million, of which $356 million is reported in
Minerals and $455 million is reported in Group and unallocated items.

(1) Following  various asset sales and an internal reorganisation the  Services
  segment  is  no longer reported.  Transport and Logistics is now  reported  in
  Steel,  and  Shared Business Services, Insurances and Corporate  Services  are
  reported  in Group and unallocated items.  Comparative data has been  adjusted
  accordingly.

Minerals

Minerals'  result for the quarter was a profit of $83 million,  an  increase  of
$579 million compared with the corresponding period.

Major factors which contributed to the result were:

* a  loss  in  the  corresponding  period  from  the  write-off  of  HBI 
Western Australia;

* favourable effect of the lower A$/US$ exchange rate;

* higher iron ore prices and volumes;

* equity accounted profits from QCT which was acquired in November 2000; and

* a  write-back of provisions following the completion of the sale of the       
Hartley platinum mine (Zimbabwe).

These were partly offset by:

* a  $356  million  loss  from  the write-off of the  equity  investment  in 
HBI Venezuela and the establishment of provisions for other associated costs;

* increased  equity accounted losses of $33 million from HBI Venezuela 
following production  ramp-up  difficulties and the cessation of interest 
capitalisation following commissioning;

* a  profit in the corresponding period from the sale of rolling stock (which
was leased back) at iron ore operations in Western Australia;

* additional  tax  benefits in the corresponding period  in  respect  of 
certain overseas  exploration expenditure for which no deduction  had 
previously  been recognised;

* lower average copper prices, net of hedging; and

* higher  costs  at  coal  operations in Queensland due to protracted 
industrial action and planned repairs and maintenance shut downs.

The  decision to cease further investment in HBI Venezuela was made following  a
detailed  review  of  the  future  economic value  of  the  asset.   The  review
identified that, in the context of changed operating and market conditions,  BHP
does  not  expect the plant to meet BHP's operational and financial  performance
targets necessary to justify any further investment in the project, nor would it
satisfy  bank  completion  requirements for project  financing.   These  factors
coupled with possible partner funding issues influenced the decision.  Excluding
the  write-off and provisions related to HBI Venezuela, Minerals' result for the
quarter was a profit of $439 million.

The average price booked for copper shipments for the quarter, after hedging and
finalisation  adjustments, was US$0.76 per pound (2000 - US$0.80).  Finalisation
adjustments  after tax, representing adjustments on shipments settled  since  31
December 2000, were $18 million unfavourable (2000 - nil).

Unhedged  copper shipments not finalised at 31 March 2001 have been  brought  to
account at the London Metal Exchange (LME) copper spot price on Friday 30  March
2001 of US$0.76 per pound.

Exploration expenditure was $34 million for the quarter (2000 - $26 million) and
the charge against profit was $32 million (2000 - $24 million).

Significant developments during the quarter included:

* BHP  and Pohang Iron & Steel Co Ltd (POSCO) signed a Letter of Intent to 
enter into  a  joint  venture for the development and operation of an iron  ore 
mine  within the 'C Deposit' sub lease which is part of the broader Mining Area
C area  in  the  central Pilbara, Western Australia. The BHP-managed Goldsworthy
Mining  Associates Joint Venture and POSCO will undertake a feasibility study 
for  the development with full scale mining expected to commence in late
calendar 2003;

* approval  was granted for the $130 million expansion of the Central 
Queensland Coal Associates (CQCA) Blackwater coal mine.  Production of the
Blackwater mine will  be  increased by five million tonnes per annum which is 
currently  being sourced from the higher cost South Blackwater operation;

* approval  was  granted for the US$138 million expansion of the  Tintaya 
copper operations  in Southern Peru.  The expansion includes a new solvent 
extraction electrowinning  (SX/EW) facility that will initially produce 34,000 
tonnes  of  copper cathode per annum. First production is expected in mid
calendar 2002;

* agreement was reached between BHP and Nippon Steel on iron ore prices  for 
the year  which  commenced 1 April 2001.  The prices of Mt Newman fine  ore, 
Yandi fines  products  and  Mt Goldsworthy fines will increase by  4.3%.   The 
price premium for lump ore will be maintained at US 9.05 cents per dry long ton
unit. Discussions are continuing on tonnage allocations;

* BHP  entered  into an agreement to acquire a 20% equity interest  in 
Brazilian company Caemi Minerao e Metalurgia S.A. for US$332 million.  However,
Mitsui & Co.  Ltd. has subsequently exercised its right of first refusal to
acquire  the equity interest.  Accordingly, BHP's agreement to acquire the
interest has been terminated; and

* BHP  and  Mitsubishi Development Pty. Ltd. (Mitsubishi) announced an 
agreement to  move  to  equal ownership of their interests in the CQCA and
Gregory  Joint Ventures (JV).  The agreement will result in the transfer of
18.285% of the CQCA JV  and  30.325%  of the Gregory JV from BHP to Mitsubishi
for $1.005  billion, comprising  proceeds  from  the  sale of approximately 
$765  million  and  the assumption  by  Mitsubishi of BHP's share of debt held
by QCT of  approximately $240 million.  BHP and Mitsubishi will jointly operate
the assets and market the coal produced.  It is expected that the transaction
will be concluded by 30 June 2001, subject to regulatory approvals.

Petroleum

Petroleum's result for the quarter was a profit of $547 million, an increase  of
$215 million or 64.8% compared with the corresponding period.

Major factors which contributed to the result were:

* favourable effect of the lower A$/US$ exchange rate;

* higher  profits  from the sale of assets.  The current period  included  a 
$43 million  profit  after tax from the sale of a parcel of interests  in 
Algerian exploration and development activities and a $30 million profit after
tax  from the sale of the Buffalo oil field;

* higher  natural  gas, liquefied natural gas (LNG) and liquefied  petroleum 
gas (LPG) prices; and

* higher  average  realised  oil  price, net of commodity  hedging,  of 
US$26.25 (A$49.41)  per  barrel  compared  to  US$24.18  (A$38.38)  per  barrel 
in  the corresponding period.  The average realised oil price before commodity 
hedging was US$26.81 per barrel (2000 - US$26.37 per barrel).

These were partly offset by:

* lower Bass Strait (Victoria) oil sales volumes;

* higher  exploration expenditure charged to profit reflecting  activity  in 
the Gulf of Mexico, Latin America and Algeria; and

* operating profit in the corresponding period from the Buffalo oil field.

Oil and condensate production was 10% lower than the corresponding period due to
the  sale  of  the Buffalo oil field, natural field decline at Bass Strait,  and
lower  Bruce  (UK)  production due to shut-ins for repairs and well  performance
decline.  These  were  partly offset by higher volumes at  Griffin  (North  West
Australia)  due  to  infill  wells and favourable  weather  conditions,  and  at
Liverpool  Bay  (UK)  following a major maintenance shutdown  in  September  and
October 2000.

Natural  gas production was 21% higher than the corresponding period  which  was
largely  attributable  to  higher volumes from Bass  Strait  due  to  favourable
weather conditions.

LNG production at the North West Shelf (Western Australia) was 7% lower than the
corresponding period.  This was due to unplanned maintenance on Train 1  in  the
current  period  and  higher  production in the  corresponding  period  to  meet
shipping schedules.

Exploration  expenditure for the quarter was $90 million (2000 -  $44  million).
Exploration expenditure charged to profit was $76 million (2000 - $39 million).

Significant developments during the quarter included:

* BHP  began contractual gas sales from its Extended Well Test on the Zamzama
gas field in southern Pakistan in March 2001 at a rate of 70 mmcf/d;

* Letters  of  Intent were signed with Tohoku Electric Co. Ltd.,  Osaka  Gas 
Co. Ltd. and Kyushu Electric Co. Ltd. of Japan for the sale and purchase of LNG
from the  North West Shelf (NWS).  The agreements, covering 1.9 million tonnes 
per annum (mtpa) (BHP share 0.32 mtpa) were signed by the six NWS LNG sellers 
and cover  the supply of LNG for a long-term period starting in mid calender
2004.  Subsequently, BHP announced approval for a fourth train expansion of the
NWS LNG processing facilities.  This expansion provides additional capacity of
4.2 mtpa (BHP share 0.70 mtpa) at a total cost of $2.4 billion (BHP share $400
million);

* results  were  released from the drilling of the Chinook  prospect,  an 
ultra-deepwater exploratory well, representing the first test of BHP's Walker 
Ridge acreage  in the Gulf of Mexico. Hydrocarbons were found, but not in
commercial quantities.  The well has been plugged and abandoned;

* results from the drilling of Mad Dog No.3 appraisal well, located in Green
Canyon Block 783 in the Gulf of Mexico, indicated the extent of the previously
recognised Miocene reservoirs and provided a better understanding of the
structural complexity of the field.  A sidetrack was drilled to a total depth of
22,426 feet, confirming the lateral extent and thickness of the hydrocarbon-
bearing Miocene reservoirs penetrated in the original wellbore; and

* the sale of BHP's interest in the Buffalo oil field to Nexen Petroleum
Australia Pty Limited was successfully completed.

Steel

Steel's  result for the quarter was a profit of $76 million, a decrease  of  $63
million or 45.3% compared with the corresponding period.

Major factors which contributed to the result were:

* lower international prices;

* profits  in  the  corresponding period from discontinued  operations 
including OneSteel Limited and the US West Coast businesses;

* higher costs at Port Kembla due to industrial action and scheduled repairs 
and maintenance shutdowns; and

* lower  sales  volumes  of coated products to the Australian  market 
reflecting reduced building activity.

These were partly offset by:

* additional tax benefits in respect of the New Zealand operations, for which 
no deduction has previously been recognised; and

* favourable effect of the lower A$/US$ exchange rate.

Steel  despatches from flat and coated operations were 1.28 million  tonnes  for
the quarter, 11% above the corresponding period:

-   Australian  domestic  despatches were 0.52  million  tonnes,  9%  above  the
corresponding  period mainly due to the inclusion in the quarter  of  despatches
to OneSteel Limited (previously  treated as despatches within the Group);

-  Australian export despatches were 0.55 million tonnes, up 22%;

-  New Zealand steel despatches were 0.13 million tonnes, down 7%; and

-  despatches from overseas plants were 0.09 million tonnes, down 5%.

In  addition to the amounts referenced above, the corresponding period  included
0.72 million tonnes from discontinued operations.

Significant developments during the quarter included:

* approval  was  granted  for  the upgrade of the Port Kembla  steelworks 
sinter plant.  The  $94  million  upgrade  will  significantly  improve 
environmental conditions  in and around the steelworks, reducing both dust
levels and  dioxin emissions.

Net unallocated interest

Net  unallocated interest expense was $64 million for the quarter compared  with
$112  million  for the corresponding period.  This decrease was  mainly  due  to
significantly  lower  funding  levels,  increased  interest  income  and  higher
capitalised interest.  These factors were partly offset by higher interest rates
in the US and Australia and the unfavourable effect of exchange rate movements.

Group and unallocated items

The  result for Group and unallocated items was a loss of $615 million  for  the
quarter compared with a profit of $89 million for the corresponding period.

The  result  for  the  quarter  included  a  loss  of  $455  million  after  tax
representing  provisions for related financial obligations to  banks  and  other
provisions related to the decision to cease further investment in HBI Venezuela.
The  corresponding  period  included a $190 million  tax  benefit  arising  from
funding arrangements related to HBI Western Australia.

The current quarter also included losses of $114 million after tax from external
foreign  currency hedging compared with losses of $38 million after tax  in  the
corresponding  period.  This reflects the lower value of the  Australian  dollar
relative to the US dollar for currency hedging contracts settled in the quarter.

Significant developments during the quarter included:

* announcement on 8 February 2001 of an on-market share buy-back program for 
the purchase  of  up  to 90 million shares (approximately five percent  of 
issued capital).   In  the event of any capital reconstruction, the buy-back 
program shall  be adjusted such that the number of shares purchased shall
continue  to represent approximately five percent of issued capital.  The
buy-back program is expected to be completed within 12-18 months, depending on
market circumstances.

Outside equity interests

Outside  equity interests' share of net profit is in line with the corresponding
period.

Consolidated Financial Results - Quarter

                                        QUARTER ENDED 31 MARCH

                                   2001               2000          Change %
                                 $ million          $ million

Revenue from ordinary activities

   Sales                           4 863               5 123          -5.1
   Interest revenue                   28                  12        +133.3
   Other revenue                     195                 290         -32.8

                                   5 086               5 425          -6.2

Profit from ordinary activities before
depreciation, amortisation and borrowing
costs                                779                 465         +67.5

Deduct:  Depreciation and 
         amortisation                532                 582          -8.6
         Borrowing costs (1)         126                 156         -19.2

Profit/(loss) from ordinary activities
before tax                           121                (273)

(Deduct)/Add:  Tax (expense)/benefit
               attributable to ordinary
               activities            (94)                224

Net profit/(loss)                     27                 (49)

Outside equity interests in net
profit                                 -                   3

Net profit/(loss) attributable to
members of the BHP Entity             27                 (46)

Average A$/US$ hedge settlement
rate                                  53c                 63c

(1)  After deducting capitalised 
     interest of                      $9m                  -

Consolidated Financial Results - Quarter

Revenue

Sales revenue of $4,863 million decreased by $260 million or 5.1% compared  with
the  corresponding  period.  This mainly reflects the effect  of  reduced  steel
sales volumes following the spin-out of OneSteel Limited and the sale of the  US
West Coast businesses.  This is partly offset by the effect of the significantly
lower  A$/US$  exchange rate, higher prices for petroleum products,  and  higher
iron  ore  volumes  and prices.  Other revenue decreased by $95  million  mainly
reflecting lower proceeds from asset sales.

Depreciation and Amortisation

Depreciation and amortisation charges decreased by $50 million to $532  million.
This mainly reflects depreciation in the corresponding period on businesses that
have been sold, and lower copper and petroleum production, partly offset by  the
unfavourable effect of exchange rate variations.

Borrowing Costs

Borrowing  costs  decreased  by  $30 million to  $126  million,  mainly  due  to
significantly  lower  funding  levels and higher  capitalised  interest,  partly
offset  by  higher interest rates and the unfavourable effect of  exchange  rate
movements.

Tax Expense

Tax  expense  of $94 million was $318 million higher than for the  corresponding
period.   The charge for the quarter represented an effective tax rate of  77.7%
(2000  -  82.0%).  This is higher than the nominal Australian tax  rate  of  34%
primarily  due  to the non tax-effecting of the HBI Venezuela equity  investment
write-off  and  overseas  exploration expenditure  for  which  no  deduction  is
presently  available.   These  factors were partly offset  by  non  tax-effected
capital  gains, and the recognition of tax benefits in respect of certain  prior
year overseas exploration expenditure and operating losses.

Consolidated Financial Results - Year to date

                                        NINE MONTHS ENDED 31 MARCH

                                   2001               2000          Change %
                                 $ million          $ million

Revenue from ordinary activities

   Sales                           15 369           14 408           +6.7
   Interest revenue                    75               57          +31.6
   Other revenue                      396            1 128          -64.9

                                   15 840           15 593           +1.6

Profit from ordinary activities
before depreciation, amortisation and
borrowing costs                     4 225            3 130          +35.0

Deduct:  Depreciation and
         amortisation               1 589            1 569           +1.3
         Borrowing costs (1)          438              507          -13.6

Profit from ordinary activities
before tax                          2 198            1 054         +108.5

(Deduct)/Add:  Tax (expense)/benefit
               attributable to ordinary
               activities            (715)              87

Net profit                          1 483            1 141          +30.0

Outside equity interests in net
profit                                (29)              23

Net profit attributable to members
of the BHP Entity                   1 454            1 164          +24.9

Average A$/US$ hedge settlement
rate                                   55c              64c

(1)  After deducting capitalised
     interest of                      $12m             $14m

Other Information

                                        Quarter ended          Nine months ended
                                           31 March               31 March
                                   2001            2000      2001         2000

Basic earnings 
per share (cents)(1)                 1.5           (2.6)      81.5         65.9

Diluted earnings
per share (cents) (2)                1.5           (2.6)      80.7         65.1

Basic earnings per American
Depositary Share (US cents)(3)       1.5           (3.2)      79.6         79.9

(1)  Based on net profit after tax attributable to members of the BHP Entity
divided by the weighted average number of fully paid ordinary shares.  The
weighted average number of shares was 1,787,621,914 (2000 - 1,776,451,780) for
the quarter and 1,784,963,756 (2000 - 1,766,422,461) for the nine months.

(2)  Based on adjusted net profit after tax attributable to members of the BHP
Entity divided by the weighted average number of fully paid ordinary shares
adjusted for the effect of Employee Share Plan options and Executive Share
Scheme partly paid shares to the extent they were dilutive at balance date. 
2,819,024 Performance Rights are excluded; these would only be included when an
issue of new shares is expected to occur.  The weighted average diluted number
of shares was 1,787,621,914 (2000 - 1,776,451,780) for the quarter and
1,826,798,058 (2000 - 1,825,631,561) for the nine months.

(3)  Each American Depositary Share (ADS) represents two fully paid ordinary
shares.  Translated at the noon buying rate on Friday 30 March 2001 as certified
by the Federal Reserve Bank of New York A$1=US$0.4881 (2000 - A$1=US$0.6062).

Financial Data

The  financial  data  upon which this report has been based  complies  with  the
requirements of the Corporations Law, with all applicable Australian  Accounting
Standards  and  Urgent Issues Group Consensus Views, and gives a true  and  fair
view  of the matters disclosed.  The results are unaudited.  The Company  has  a
formally constituted Audit Committee of the Board of Directors.

This report is made in accordance with a resolution of the Board of Directors.

Dividend

Directors  announced that a fully franked dividend of 26.0 cents per fully  paid
ordinary  share will be paid on 2 July 2001, the same amount as the dividend  in
the corresponding period.

This  franked dividend, together with the unfranked dividend of 25.0  cents  per
share  paid in December 2000, takes the total dividend to 51.0 cents per  share,
and is unchanged from the previous year.

The  record  date  for  payment of the dividend will be 8 June  2001.   American
Depositary  Shares  (ADSs)  each represent two fully paid  ordinary  shares  and
receive dividends accordingly.  The record date for ADSs is 7 June 2001.

In  the  event  of  any capital reconstruction occurring and becoming  effective
between the date of the dividend announcement and the record date, the rate  per
share shall be adjusted such that the total amount of the dividend to be paid on
the  fully  paid shares of the Company shall be equal to the amount  that  would
have been paid had the capital reconstruction not occurred.

Transfer  documents  will be accepted for registration at  the  Company's  share
registers  (and  in  the case of the ADSs the US Depositary)  at  the  following
addresses:

Australia                         5th Floor
                                  BHP Petroleum Plaza
                                  120 Collins Street
                                  Melbourne  Victoria  3000
                                  
UK                                Computershare Services plc
                                  The Pavilions
                                  Bridgwater Road
                                  Bedminster Down
                                  Bristol  BS13 8AR
                                  
USA                               Morgan Guaranty Trust Company of
                                  New York
                                  Shareholder Services
                                  MS  45 - 02 - 54
                                  150 Royall Street
                                  Canton  MA  02021


                                                R V Taylor
                                                Secretary
                                               BHP Limited
                                        
                                      ****

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               Mobile[phone]
               E-mail: [e-mail]

Investor Relations:Dr Robert Porter - Vice President Investor Relations
               Phone [phone]
               Mobile[phone]
               E-mail: [e-mail]

               Francis McAllister- Vice President Investor
               Relations (North America)
               Phone: [phone]
               Mobile [phone]
               E-mail:[e-mail]




Supplementary Information - Segment Results (Quarter)

Quarterly comparison - March 2001 with March 2000(1)


Quarter ended 31 March 2001 ($ million)
        Revenue(2)                                    Profit

         Other                             Dep'n & Borrowing                Net
Sales  Revenue   Total            EBITDA(3) amort'n  costs  EBT(4)  Tax  profit
         
2 347       61   2 408  Minerals       502    (226)      -    276   (193)    83
1 539      111   1 650  Petroleum    1 016    (234)      -    782   (235)   547
1 416        2   1 418  Steel          143     (69)      -     74      2     76
    -       25      25  Net             25       -    (126)  (101)    37    (64)
                        unallocated 
                        interest
 (152)      28    (124) Group and     (907)     (3)      -   (910)   295   (615)
                        unallocated 
                        items(5)
----------------------                ------------------------------------------
4 863      223   5 086  BHP Group      779    (532)   (126)   121    (94)    27
----------------------                ------------------------------------------


Quarter ended 31 March 2000 ($ million)
        Revenue(2)                                    Profit

         Other                             Dep'n & Borrowing                Net
Sales  Revenue   Total            EBITDA(3) amort'n  costs  EBT(4)  Tax  profit
         
1 957      220   2 177  Minerals     (499)    (200)      -   (699)  203   (496)
1 385       16   1 401  Petroleum     760     (239)      -    521  (189)   332
2 026       53   2 079  Steel         331     (139)      -    192    53    139
   53        -      53  Services        -       (2)      -     (2)    1     (1)
    -        9       9  Net             9        -    (156)  (147)   35   (112)
                        unallocated 
                        interest
  (65)       4     (61) Group and     (136)     (2)      -   (138)  227     89
                        unallocated 
                        items(5)
----------------------                ------------------------------------------
5 123      302   5 425  BHP Group      465    (582)   (156)  (273)  224    (49)
----------------------                ------------------------------------------


(1) Before outside equity interests.
(2) Revenues do not add to the BHP Group figure due to intersegment             
    transactions.
(3) EBITDA is earnings before borrowing costs, tax, and depreciation and        
    amortisaton.
(4) EBT (earnings before tax) is EBIT (earnings before borrowing costs and tax)
    for all Businesses excluding Net unallocated interest and BHP Group.
(5) Includes consolidation adjustments and unallocated items.



Quarterly comparison - March 2001 with December 2000(1)

Quarter ended 31 March 2001 ($ million)
        Revenue(2)                                    Profit

         Other                             Dep'n & Borrowing                Net
Sales  Revenue   Total            EBITDA(3) amort'n  costs  EBT(4)  Tax  profit
         
2 347       61   2 408  Minerals       502     (226)     -    276  (193)     83
1 539      111   1 650  Petroleum    1 016     (234)     -    782  (235)    547
1 416        2   1 418  Steel          143     ( 69)     -     74     2     76
    -       25      25  Net             25       -    (126)  (101)   37    ( 64)
                        unallocated 
                        interest
 (152)      28    (124) Group and     (907)     (3)      -   (910)   295   (615)
                        unallocated 
                        items(5)
----------------------                ------------------------------------------
4 863      223   5 086  BHP Group      779    (532)   (126)   121    (94)    27
----------------------                ------------------------------------------


Quarter ended 31 December 2000 ($ million)
        Revenue(2)                                    Profit

         Other                             Dep'n & Borrowing                Net
Sales  Revenue   Total            EBITDA(3) amort'n  costs  EBT(4)  Tax  profit
         
2 408       16   2 424  Minerals      812     (221)      -    591  (165)   426
1 729       10   1 739  Petroleum     904     (228)      -    676  (184)   492
1 569        6   1 575  Steel         209     ( 81)    ( 1)   127   (31)    96
    -       20      20  Net            20        -    (156)  (136)   23   (113)
                        unallocated 
                        interest
 (169)      15    (154) Group and    (245)     ( 3)      -   (248)   81   (167)
                        unallocated 
                        items(5)
----------------------              -------------------------------------------
5 278       61   5 339  BHP Group   1 700     (533)   (157) 1 010  (276)   734
----------------------              -------------------------------------------

(1) Before outside equity interests.
(2) Revenues do not add to the BHP Group figure due to intersegment             
    transactions.
(3) EBITDA is earnings before borrowing costs, tax, and depreciation and        
     amortisaton.
(4) EBT (earnings before tax) is EBIT (earnings before borrowing costs and tax)
    for all Businesses excluding Net unallocated interest and BHP Group.
(5) Includes consolidation adjustments and unallocated items.



Year to date comparison - March 2001 with March 2000(1)

Nine months ended 31 March 2001 ($ million)
        Revenue(2)                                    Profit

         Other                             Dep'n & Borrowing                Net
Sales  Revenue   Total            EBITDA(3) amort'n  costs  EBT(4)   Tax profit
         
 6 879     122   7 001  Minerals     2 117     (652)     -   1 465  (548)   917
 4 741     128   4 869  Petroleum    2 731     (681)     -   2 050  (606) 1 444
 4 989      30   5 019  Steel          672     (247)    (1)    424    96    328
     -      64      64  Net             64       -    (437)   (373)   89   (284)
                        unallocated 
                        interest
  (447)    137    (310) Group and   (1 359)     ( 9)     -  (1 368)  446   (922)
                        unallocated 
                        items(5)
----------------------               ------------------------------------------
15 369     471  15 840  BHP Group    4 225   (1 589)  (438)  2 198  (715) 1 483
----------------------               ------------------------------------------


Nine months ended 31 March 2000 ($ million)
        Revenue(2)                                    Profit

         Other                             Dep'n & Borrowing                Net
Sales  Revenue   Total            EBITDA(3) amort'n  costs  EBT(4)  Tax  profit
         
 6 014     456   6 470  Minerals      669     (619)      -     50    25     75
 3 308     466   3 774  Petroleum   1 849     (573)      -  1 276  (367)   909
 6 028      99   6 127  Steel         840     (360)      -    480   (77)   403
   247      77     324  Services       39      ( 8)      -     31   ( 5)    26
    -       38      38  Net            38        -    (507)  (469)  112   (357)
                        unallocated 
                        interest
  (187)     84    (103) Group and    (305)     ( 9)      -   (314)  399     85
                        unallocated 
                        items(5)
----------------------              -------------------------------------------
14 408   1 185  15 593  BHP Group   3 130    (1 569)  (507) 1 054    87  1 141
----------------------              -------------------------------------------


(1) Before outside equity interests.
(2) Revenues do not add to the BHP Group figure due to intersegment             
    transactions.
(3) EBITDA is earnings before borrowing costs, tax, and depreciation and        
    amortisaton.
(4) EBT (earnings before tax) is EBIT (earnings before borrowing costs and tax)
    for all Businesses excluding Net unallocated interest and BHP Group.
(5) Includes consolidation adjustments and unallocated items.



Supplementary Information - Business Results

Quarter ended                                 $ million
31 March 2001    
             Sales(1)  EBITDA(2)  Depreciation    Capital &(3)  Exploration
           revenue                & amortisation  investment   (before tax)
                                                  expenditure   Gross(4) Charged
                                                                         to 
                                                                         profit
Minerals

WA               505      245                 40           11
Samarco(5)                 29                               -
Total Iron Ore   505      274                 40           11

Queensland(6)    418      207                 29           21
New Mexico       186       61                 17           18
Illawarra        111       32                  9            6
Kalimantan        94       24                 14            -
Total Coal       809      324                 69           45

WA                53      (55)                 -           12
Venezuela(5)             (394)                              -
Total HBI         53     (449)                 -           12

Escondida        420      190                 45          122
Tintaya           39       12                 13           21
Ok Tedi          226       39                 33           26
Total Copper     685      241                 91          169

Ekati            123       77                 12           15
Cannington       151       54                 11            7
Other 
businesses(7)     24       26                  1            -
Development        3     ( 23)                 1            1
Intra divisional 
  adjustment    ( 14)     ( 2)
Divisional 
activities         8     ( 20)                 1            -
               2 347      502                226          260        34     32
                      
Petroleum(8)
Bass Strait      499      277                 39           25
North West 
  Shelf          364      283                 25           17
Liverpool Bay    189      155                 56           16
Other Businesses 479      332                114           92
Marketing 
  activities      29      ( 1)                 -            -
Intra-divisional 
adjustment        -         -                  -            -
Divisional 
  activities   ( 21)     ( 30)                 -            -        90     76
              1 539     1 016                234          150        90     76

Steel
Flat 
Products(9)    558         21                 36          10
Coated 
  Products     779         97                 27           8
Discontinuing
  Operations     -          -                  -           -
Intra-divisional 
  adjustment  (333)        11                              -
Divisional 
  activities     8        ( 7)                 -           -
Transport and 
  Logistics    404         21                  6         ( 4)
             1 416        143                 69          14          -      -

Net Unallocated 
  Interest                 25
Group and 
  unallocated 
  items       (152)      (907)                 3         188
BHP Group    4 863        779                532         612        124    108


(1) Sales Revenues do not add to the BHP Group figure due to intersegment       
    transactions.
(2) EBITDA is earnings before borrowing costs, tax, and depreciation and        
    amortisation.
(3) Excludes capitalised interest and capitalised exploration.
(4) Includes capitalised exploration: Minerals $2 million and Petroleum $14     
    million.
(5) Equity accounted investments.
(6) Includes equity accounted results for QCT Resources Limited which was       
    acquired in November 2000.
(7) Includes North America Copper mining and smelting operations which ceased   
    during the September 1999 quarter, the Beenup mineral sands operation which 
    was closed in April 1999 and the Hartley Platinum mine which was sold in    
    January 2001.
(8) Petroleum sales revenue includes: Crude oil $1,010 million.  Natural gas
    $213 million, LNG $156 million, LPG $100 million and Other $60 million.
(9) Includes North Star BHP Steel.



Supplementary Information - Business Results

Quarter ended 
31 March 2000                            $ million
                Sales(1) EBITDA(2) Deprecia-  Capital&(3) Exploration
              revenue              tion &     investment  (before tax)
                                   amortisa-  expenditure Gross(4)(5) Charged(6)
                                     tion                              to 
                                                                       profit
Minerals
WA               315        171          33            4
Samarco(7)                    6                        -
Total Iron Ore   315        177          33            4

Queensland       365        140          30            7
New Mexico       154         49          12            1
Illawarra         95         17           6            5
Kalimantan       101         16          12            -
Total Coal       715        222          60           13

WA                17     (1 195)          2            6
Venezuela(7)                ( 5)                      52
Total HBI         17     (1 200)          2           58

Escondida        362        175          44           20
Tintaya           80         15          16            2
Ok Tedi          196         36          26            8
Total Copper     638        226          86           30

Ekati            101         72           5           10
Cannington       103         34          12            3
Other 
  businesses (8)  74         16           -            -
Development        2       ( 32)          -            1
Intra divisional 
  adjustment    ( 13)         1           -            -
Divisional 
  activities       5       ( 15)          2           (3)
                         
               1 957       (499)        200          116         26        24

Petroleum(9)
Bass Strait      495        276          55           26
North West Shelf 318        233          29            9
Liverpool Bay    140        116          49            7
Other Businesses 433        234         106           35
Marketing        
  activities     415          4           -            -
Intra-divisional 
  adjustment    (334)         - 
Divisional 
  activities     (82)      (103)          -            -         31        39
               1 385        760         239           77         31        39

Steel
Flat 
  Products(10)   539         94          37           13
Coated 
  Products(11)   881        113          30            4
Discontinuing 
  Operations(12) 681         98          65            8
Intra-divisional 
  adjustment    (431)        13           1            -
Divisional 
  activities(11)  29        (13)          -            -
Transport and
  Logistics      327         26           6            1
               2 026        331         139           26          -         -
Services          53          -           2            5
Net Unallocated 
  Interest                    9                        -
Group and       ( 65)      (136)          2            1
  unallocated 
  items
BHP Group      5 123        465         582          225         57        63


(1)  Sales revenues do not add to the BHP Group figure due to intersegment      
     transactions.
(2)  EBITDA is earnings before borrowing costs, tax, and depreciation and       
     amortisation.
(3)  Excludes capitalised interest and capitalised exploration.
(4)  Includes capitalised exploration: Minerals $2 million and Petroleum $7     
     million.
(5)  Gross exploration for Petroleum of $31 million comprises expenditure of
     $44 million adjusted by $13 million associated with the Typhoon development
     which has been reclassified from exploration expenditure to capital        
     expenditure.
(6)  Includes $2 million Petroleum exploration expenditure previously           
     capitalised, now written off.
(7)  Equity accounted investments.
(8)  Includes North America Copper mining and smelting operations which ceased  
     during the September 1999 quarter, the Beenup mineral sands operation which
     closed in April 1999, and the Hartley Platinum mine which was sold in      
     January 2001.
(9)  Petroleum sales revenue includes: Crude oil $996 million, Natural gas
     $122 million, LNG $118 million, LPG $95 million and Other $54 million.
(10) Includes North Star BHP Steel.
(11) Coated Products' head office costs have been reclassified from Divisional  
     activities into Coated Products.
(12) Includes the Long Products business (OneSteel), US steel assets, and strip 
     casting assets.



Supplementary information- Risk management

PORTFOLIO RISK MANAGEMENT 
Foreign exchange risk management
The table below provides information as at 31 March 2001 regarding the Group's
significant derivative financial instruments used to hedge US dollar sales
revenues that are sensitive to changes in exchange rates for the forthcoming
twelve months.

                        Weighted average A$/US$ exchange rate  Contract amounts
                         Forwards  Call options  Put options       US$ million
US Dollars
Q4 2001- forwards          0.7052             -            -           270
       - collar options         -        0.6572       0.6254           120
       - purchased options      -        0.5500            -            40
       - sold options           -             -            -             -

Q1 2002- forwards          0.6954             -            -           300
       - collar options         -        0.6678       0.6372            60
       - purchased options               0.5500            -            30
       - sold options           -             -            -             -

Q2     - forwards          0.6933             -            -           270
       - collar options         -        0.6837       0.6504            60
       - purchased options      -        0.5500            -            60
       - sold options           -             -            -             -

Q3     - forwards          0.6848             -            -           270
       - collar options         -        0.6807       0.6609            60
       - purchased options      -        0.5500            -            30
       - sold options           -             -            -             -


Commodity price risk management
The table below provides information as at 31 March 2001 regarding the Group's
significant derivative financial instruments that are sensitive to changes in
certain commodity prices for the forthcoming twelve months.

                                  Weighted average rate         Contract amounts
                            Forwards  Call options  Put options   ('000 bbls)
Crude oil
Q4 2001 - forwards     US $22.42 bbl       -            -            2,200
        - collar options      -            -            -              - 
        - purchased options   -            -            -              -

Q1 2002 - forwards            -            -            -              -
       -  collar options      -            -            -              -
       - purchased options    -            -            -              -

Q2     - forwards             -            -            -              -
       - collar options       -            -            -              -
       - purchased options    -            -            -              -

Q3     - forwards             -            -            -              -
       - collar options       -            -            -              -
       - purchased options    -            -            -              -

bbls = barrels

STRATEGIC FINANCIAL TRANSACTIONS

As at 31 March 2001 there were no strategic financial derivative transactions
outstanding.