Australian iron ore miner Fortescue Metals Group has announced its financial results for 2011-12 financial year ending June 30, posting a record net profit.
In FY 2011-12, Fortescue's net profit increased to US$1.55 billion, up 53 percent compared to the previous fiscal year. The company's sales revenue increased by 23 percent year on year to US$6.68 billion. Fortescue's underlying earnings before interest, taxes, depreciation and amortization (EBITDA) of US$3.03 billion in the given fiscal year was up 14 percent compared to the fiscal year 2010-11.
In the given year, Fortescue's iron ore shipments amounted to 57.5 million mt, up 41 percent, while iron ore mined reached 64.6 million mt, increasing by 46 percent, both year on year.