Australian iron ore miner Fortescue Metals Group has announced its financial results for the financial year 2022-23 ended on June 30.
During the given period, Fortescue’s net profit amounted to US$4.79 billion, falling by 22.6 percent compared to the previous financial year, while the company’s sales revenue amounted to US$16.87 billion, down 2.9 percent year on year due to lower iron ore prices. Meanwhile, Fortescue’s EBITDA decreased by 5.6 percent year on year to US$9.96 billion in the given period.
The company achieved the third-highest earnings in its history.
In the given financial year, Fortescue mined 217.9 million wet mt of iron ore, down by 5.7 percent, while it shipped 192.0 million wmt of iron ore during the financial year, 1.5 percent higher than in the previous financial year.
The company’s total capital expenditure In the financial year 2022-23 was recorded at US$3.2 billion and is expected to be US$2.8-3.2 billion in the financial year 2023-24, while its iron ore shipments are predicted to be in the range of 192-197 million mt in the same period.