BHP Billiton’s record-laden full year production report has impressed analysts, but they don’t expect to upgrade profit forecasts for the mining giant on the back of the output result.

BHP Billiton on Wednesday reported production records for four commodities in 2010/11, including its eleventh consecutive record result for iron ore output.

It also said iron ore shipments from its huge Western Australian operations rose to an annualised rate of 155 million tonnes (Mt) in the June quarter.

This is the rate the miner was targeting under its RGP4 project, which increased capacity across the operations.

Annual production of iron ore was 134.4 Mt, up eight per cent on 2009/10, while June quarter iron ore production was up seven per cent compared to the March quarter.

Analysts from investment bank UBS said BHP Billiton’s June quarter output was slightly better than expected.

UBS said iron ore, metallurgical coal shipments and copper production were two to three per cent better than its expectations.

Full year copper production was up six per cent compared to the previous year, while June quarter copper output was flat against March quarter production.

Annual metallurgical coal production was down 13 per cent on 2009/10, but jumped 19 per cent in the June quarter compared to the March quarter.

“On the whole, we believe the market should be comfortable with the report,” UBS said.

“We are not expecting consensus of $US22.2 billion for FY11 NPAT (net profit) to move much on the back of today’s report.”

City Index chief market analyst Peter Esho agreed BHP Billiton’s full year earnings, to be released on August 24, should broadly meet market expectations.

“The business continues to grow and key project investment will only see it larger in the years to come,” Mr Esho said.

“The market found comfort in the numbers.”

Shares in BHP Billiton closed up 82 cents, or 1.92 per cent, at $43.44, while the broader market finished more than 1.7 per cent stronger.