Australian iron ore miner Fortescue Metals Group has announced its financial results for the financial year 2015-16 ended on June 30.
During the given period, Fortescue's net profit amounted to US$985 million, compared to the net profit of US$316 million recorded in the previous financial year. The company's sales revenue amounted to US$7.08 billion, down 17 percent year on year. Fortescue's EBITDA increased by 27 percent year on year to US$3.19 billion in the full financial year, reflecting Fortescue’s continued focus on efficiency and productivity measures which have reduced costs, offsetting the impact of lower iron ore prices.
Fortescue stated that market outlook for the financial year 2016-17 is positive as urbanization and industrialization in China underpins ongoing domestic steel demand and regional growth through the massive One Belt, One Road area infrastructure plan.