Fortescue Metals First-Half Profit Slips 4% as Costs Slashed
- Producer's cash costs have almost halved from a year ago
- Company will target savings, possibly further debt repurchases
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Fortescue Metals Group Ltd. reported first-half profit declined 4 percent, beating analysts’ estimates, as the world’s fourth-biggest iron ore exporter almost halved its production costs and trimmed its debt pile.
Net income was $319 million in the six months ended Dec. 31, from $331 million a year earlier, the Perth-based company said Wednesday in a statement. That compares with a $263 million median estimate among three analysts surveyed by Bloomberg.