Fortescue’s net profit declines in FY 2014-15

Tuesday, 25 August 2015 15:08:07 (GMT+3)   |   Istanbul
       

Australian iron ore miner Fortescue Metals Group has announced its financial results for the financial year 2014-15 ended on June 30.

During the given period, Fortescue's net profit amounted to US$316 million, declining 88.46 percent compared to the previous financial year. The company's sales revenue amounted to US$8.57 billion, down 27 percent year on year. The benefits of cost savings delivered during the year and improved operational performance were offset by lower revenues from a 41 percent fall in iron ore prices. Fortescue's EBITDA decreased by 55.5 percent year on year to US$2.5 billion in the full financial year, also due to the lower iron ore prices.

At the end of the financial year 2014-15, Fortescue's net debt amounted to US$7.18 billion, increasing from US$7.15 billion on June 30, 2014.

According to Fortescue's statement, during the year the company significantly reduced its iron ore inventories, which have been drawn down to efficient and sustainable levels to support shipments of 165 million mt per year on an ongoing basis. Fortescue’s rail and port infrastructure has been consistently supporting the company’s mining operations during the year.

Similar articles

Iron ore prices drop by over $9//mt week on week, mood remains bad

28 Mar | Scrap & Raw Materials

Goa government to ease policy for liquidating iron ore dumps lying on private land

28 Mar | Steel News

Major steel and raw material futures prices in China - March 28, 2024

28 Mar | Longs and Billet

CISA: Coking coal purchase cost in China down 9.86% in Jan-Feb

28 Mar | Steel News

Brazilian high-grade iron ore price declines sharply in two days

27 Mar | Scrap & Raw Materials

Daily iron ore prices CFR China - March 27, 2024

27 Mar | Scrap & Raw Materials

India’s JSPL takes operational charge of iron ore complex in Venezuela

27 Mar | Steel News

Major steel and raw material futures prices in China - March 27, 2024

27 Mar | Longs and Billet

Vale selected to begin award negotiations for US briquette plant

26 Mar | Steel News

Daily iron ore prices CFR China - March 26, 2024

26 Mar | Scrap & Raw Materials