Australian iron ore miner Fortescue Metals Group has announced its financial results for the financial year 2014-15 ended on June 30.
During the given period, Fortescue's net profit amounted to US$316 million, declining 88.46 percent compared to the previous financial year. The company's sales revenue amounted to US$8.57 billion, down 27 percent year on year. The benefits of cost savings delivered during the year and improved operational performance were offset by lower revenues from a 41 percent fall in iron ore prices. Fortescue's EBITDA decreased by 55.5 percent year on year to US$2.5 billion in the full financial year, also due to the lower iron ore prices.
At the end of the financial year 2014-15, Fortescue's net debt amounted to US$7.18 billion, increasing from US$7.15 billion on June 30, 2014.
According to Fortescue's statement, during the year the company significantly reduced its iron ore inventories, which have been drawn down to efficient and sustainable levels to support shipments of 165 million mt per year on an ongoing basis. Fortescue’s rail and port infrastructure has been consistently supporting the company’s mining operations during the year.