On August 19, Australian iron ore miner Fortescue Metals Group announced its financial results for the fiscal year 2010-11 ended on June 30, posting a 76 percent increase in its net profit due to stronger iron ore prices.
Fortescue's net profit of US1.02 billion in the fiscal year 2010-11 was up 76 percent compared with a net profit of US$581million in the previous fiscal year. The company's sales revenues in FY 2010-11 increased from US$3.2 billion to US$5.44 billion, indicating a 69 percent year on year increase. Fortecue's underlying earnings before interest, taxes, depreciation and amortization (EBITDA) of US$2.8 billion in the given period was up 119 percent compared to the fiscal year 2009-10.
Fortescue mined 44.15 million mt in the last fiscal year, which was up seven percent compared to the previous financial year. When the same periods are compared, the amount of iron ore shipped by the company, including third party product, was up two percent to 40.8 million mt.