Fortescue half-year profit jumps on record shipments
Australia's Fortescue reported a 23% rise in first-half profit on Wednesday, powered by record iron-ore shipments and higher realised prices for the commodity.
Iron-ore shipments in the first half rose more than 3% to a record 100.2-million metric tons, the world’s fourth-largest iron-ore miner said.
Fortescue sold its iron-ore for about $90.87 per dry metric ton (dmt), up from $85.24/dmt a year ago.
The company reported an underlying net profit after tax attributable of $1.91-billion for the six months ended December 31, missing the Visible Alpha estimate of $1.98-billion, but above the $1.55-billion profit it posted a year earlier.
Fortescue has deepened ties with China at a time when iron-ore majors are trying to negotiate with State-backed buyer China Minerals Resources Group that has restricted shipments from bigger rival BHP.
The company declared a final dividend of A$0.62/share, higher than the A$0.50 apiece announced last year.