Fortescue Metals' Fiscal 2011 Earnings Forecast Reduced by RBS on Dollar

Fortescue Metals Group Ltd., Australia’s third largest iron ore producer, had its earnings forecast reduced 11 percent by Royal Bank of Scotland Group Plc because of the stronger Australian dollar.

Net profit in the year ending June 30, 2011 may be $1.634 billion, analysts led by Lyndon Fagan said in a report dated yesterday. The downgrade is “mostly as a result of the stronger” Australian dollar, he said.

To contact the reporter on this story: Rebecca Keenan in Melbourne at rkeenan5@bloomberg.net

To contact the editor responsible for this story: Wendy Pugh at wpugh@bloomberg.net

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