The world's biggest miner said lower prices for its key resources, including a 17 per cent dive in iron ore, wiped USD 8.9 billion from underlying earnings of USD 28.4 billion.
"BHP Billiton delivered robust financial results in the 2013 financial year, a period characterised by slowing global growth and volatile commodity markets," the miner said in a statement to the Australian stock exchange.
"Economic conditions over the second half of the 2013 financial year were affected by lower-than-expected growth in emerging economies," it added.
New CEO Andrew Mackenzie said softer Chinese trade and manufacturing data "provide evidence of the transition underway in their economy" but BHP was "confident of GDP growth in China of 7-8 per cent".
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"In the next 15 years we expect global demand for commodities to grow by up to 75 per cent," he told reporters.
BHP said it expected increased supply across the commodities market to continue pushing down prices in the short term, but the balance should right itself "in time".
"The growth rates for steel demand in Asia are expected to moderate as the Chinese economy gradually rebalances. This rebalancing should support growth in demand for other industrial metals, energy and agricultural products," it said.
"We also see India and Southeast Asia as significant sources of economic growth in the long term."
Following last year's 34.8 per cent slump in annual profit to USD 15.42 billion, BHP said it had approved no major growth projects in 2013 and was targeting a cut in capital expenditure to USD 16.2 billion in 2014.