Australian iron ore miner Fortescue Metals Group has announced its financial results for the financial year 2018-19 ended on June 30.
During the given period, Fortescue's net profit tripled to US$3.19 billion, compared to the previous financial year, on rising iron ore prices. The company's sales revenue amounted to US$9.96 billion, up 45 percent year on year, continued strength in Chinese steel production, growing by 9.9 percent year on year in the first half of 2019, amid sustained strength in iron ore prices following supply disruptions in Brazil and Australia in the first quarter of 2019, which led to significant reductions in iron ore inventories at Chinese ports.
As SteelOrbis previously reported, Fortescue shipped 167.7 million mt of iron ore during the full financial year, one percent lower than the previous financial year due to the impact of Cyclone Veronica.
The company’s iron ore shipment guidance for the financial year 2019-20 stands at around 170-175 million mt.
“We have seen a strong start to FY20 and Fortescue is well positioned to continue to deliver benefits to all stakeholders,” Fortescue CEO Elizabeth Gaines said.
