BHP NET SEEN AROUND 600 MLN DLRS FOR NINE MONTHS Australia's largest company, The Broken Hill Pty Co Ltd <BRKN.S> (BHP), is expected to report a net profit of around 600 mln to 620 mln dlrs tomorrow for the first nine months ended February 28, share analysts polled by Reuters said. This would be well below the 813.0 mln dlrs earned in the first three quarters of 1985/86. In the full year ended May 31 1986 the group earned a record 988.2 mln dlrs. The analysts estimated that the group would report a third quarter net in the region of 200 mln to 220 mln dlrs, against 238.6 mln a year earlier and 220.3 mln in the second quarter. BHP's earnings in the first half ended November 30 amounted to 397.0 mln dlrs, sharply down from 589.3 mln a year earlier. The analysts predicted that BHP will report an upturn in petroleum earnings compared with the first quarter, reflecting some improvement in crude oil prices from the Bass Strait fields, but these gains would be offset by lower mineral and steel earnings. They said the mineral group has been hit by lower coal prices and shipments to Japan while the steel division has been affected by industrial and production problems. The analysts noted that the third quarter is normally BHP's lowest-earning period owing to a number of seasonal factors, and they predicted a sharp rise in fourth quarter net to around 300 mln dlrs. One key factor in the fourth quarter is expected to be a tax break of some 70 mln dlrs for the investment allowance on capital expenditure in the steel division, they said. They said they saw BHP's full year earnings at around 900 mln to 920 mln dlrs. They added that such a decline from 1985/86 would be no surprise, noting BHP has said that it would be difficult to equal its record 1985/86 net profit.