Australian iron ore miner Fortescue Metals Group has announced its financial results for the first half ended December 31 of the financial year 2017-18.
During the given period, Fortescue's net profit amounted to US$681 million, declining by 44 percent compared to the corresponding period of the previous financial year. The company's sales revenue amounted to US$3.67 billion, down 18 percent year on year, as high steel mill profitability incentivized blast furnaces to maximize production by using higher iron content ores. Fortescue's EBITDA decreased by 31 percent year on year to US$1.82 billion in the first half of the given financial year.
Elizabeth Gaines, CEO of Fortescue, stated that Fortescue has finalized a US$1.4 billion syndicated facility agreement (term loan) with key Chinese, Australian and European banks. According to Ms. Gaines, this facility lowers Fortescue’s average cost of capital, improves flexibility, strengthens the balance sheet and further develops its strong relationships with China.