Australian iron ore miner Fortescue Metals Group has announced its financial results for the first half ending December 31 of the fiscal year 2011-12, posting a record net profit.
In the first six months, Fortescue's net profit increased to US$801 million from US$314.1 million in the first half of the previous fiscal year. The company reported a record sales revenue of US$3.3 billion in the first half, up 33 percent year on year. Fortecue's underlying earnings before interest, taxes, depreciation and amortization (EBITDA) of US$1.5 billion in the given period was up 15 percent compared to the corresponding period of the fiscal year 2010-11.
In the first half of the fiscal year, Fortescue's shipments amounted to 27 million mt. The company revised down its export guidance for the March quarter to 13-13.5 million mt due to delays caused by the cyclone which shut down major ports in early January. However, Fortescue has maintained its full year target at 55 million mt.