Fortescue Posts Lower Profit on Ore Prices, Scraps Dividend
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Fortescue Metals Group Ltd., Australia’s third-biggest iron ore producer, reported a 40 percent plunge in first-half profit because of lower commodity prices and said it won’t pay a dividend. The shares fell.
Net income slipped to $478 million in the six months to Dec. 31 from $801 million a year earlier, the Perth-based company said today in a statement. While no dividend will be paid for the period, Fortescue will consider a full-year payout, it said. The earnings compare with the median estimate of $476 million from three analysts surveyed by Bloomberg and a Bloomberg forecast of 4 cents a share interim payout.