Australian iron ore miner Fortescue Metals Group has announced its financial results for the first half ended December 31 of the financial year 2015-16.
During the given period, Fortescue's net profit amounted to US$319 million, declining 3.63 percent compared to the corresponding period of the previous financial year. This decrease in net profit predominantly reflects lower realized iron ore prices following a decline in global commodity markets, offset by the improved costs performance. The company's sales revenue amounted to US$3.34 billion, down 31.16 percent year on year. Fortescue's EBITDA decreased by 9.65 percent year on year to US$1.3 billion in the first half of the given financial year.
Fortescue stated that it has continued its track record of sustainable operating performance, with 84 million mt shipped for the half year, two percent higher than the same period of the previous financial year and consistent with the full year target of 165 million mt.