Australian iron ore miner Fortescue Metals Group has announced its financial results for the fiscal year 2012-13 ended on June 30.
In the full financial year, Fortescue's net profit increased by 12 percent year on year to US$1.74 billion, despite lower iron ore prices. The company's sales revenue amounted to US$8.12 billion, up 21 percent compared to the previous fiscal year. Fortescue's EBITDA of US$3.57 billion in the given year was up 18 percent year on year.
In the financial year 2012-13, Fortescue shipped 80.9 million mt of iron ore, up 41 percent year on year, despite unseasonal wet weather which impacted the production performance of the port and mines during the June quarter. In the given period, the iron ore mined reached 94.6 million mt, increasing by 46 percent year on year.
Fortescue expects the 155 million mt per year run rate capability to be achieved by end of December 2013, following the commissioning of Kings mine. The guidance for the full financial year 2013-14 remains unchanged at 127-133 million mt, including third party ore.
According to Fortescue's statement, the sale of a minority interest in its wholly-owned subsidiary The Pilbara Infrastructure (TPI), owner of the company's existing rail and port assets, has attracted significant attention, though the bidders could not meet Fortescue's target. Fortescue said it has not shelved the sale plan, adding that it is still in talks. Fortescue had announced in December 2012 that it was considering the sale of a stake in its infrastructure subsidiary.