Australian iron ore miner Fortescue Metals Group has announced its financial results for the first half ended December 31 of the financial year 2022-23.
During the given period, Fortescue’s net profit amounted to US$2.36 billion, falling by 15.1 percent compared to the first half of the previous financial year, while the company’s sales revenue amounted to US$7.83 billion, down 3.5 percent year on year with the reduction in the average iron ore price partly offset by higher sales volume. Meanwhile, Fortescue’s EBITDA decreased by 8.6 percent year on year to US$4.35 billion in the given period.
Fortescue mined 114.8 million wet mt of iron ore, down by 2.7 percent, while it shipped 96.9 million wet mt of iron ore during the given half, up by four percent, both year on year. The company achieved record half-year iron ore shipments.
In the first half, the company’s total capital expenditure was recorded at US$1.4 billion and is expected to be US$2.7-3.1 billion in the financial year 2022-23, while its iron ore shipments are predicted to be in the range of 187-192 million mt in the same period.
