Australian iron ore miner Fortescue Metals Group has announced its financial results for the financial year 2017-18 ended on June 30.
During the given period, Fortescue's net profit amounted to US$878 million, compared to the net profit of US$2.09 billion recorded in the previous financial year. The company's sales revenue amounted to US$6.88 billion, down 18 percent year on year, as the average iron ore price declined compared to the previous year. Meanwhile, Fortescue's EBITDA decreased by 33 percent to US$3.18 billion in the full financial year compared to the previous year.
The company expects its iron ore shipments in the financial year 2018-19 to be around 165-173 million mt.
Elizabeth Gaines, Fortescue’s CEO, stated that during the financial year 2017-18, the company completed the restructure of its balance sheet reducing debt, improving terms to investment grade conditions and significantly lowering the overall cost of borrowings.