Fortescue Reports Record Profit on Higher Iron Ore Output
This article is for subscribers only.
Fortescue Metals Group Ltd., Australia’s third-biggest iron ore producer, said full-year profit rose 53 percent to a record, meeting expectations, after an increase in output countered declining prices.
Net income climbed to $1.56 billion, or 50.06 cents a share, in the 12 months ended June 30 from $1.02 billion, or 32.83 cents, a year earlier, the Perth-based company said today in a statement. The average of 15 analyst estimates compiled by Bloomberg was $1.55 billion.