Australian iron ore miner Fortescue Metals Group has announced its financial results for the financial year 2016-17 ended on June 30.
During the given period, Fortescue's net profit amounted to US$2.09 billion, compared to the net profit of US$985 million recorded in the previous financial year. The company's sales revenue amounted to US$8.44 billion, up 19 percent year on year. Meanwhile, Fortescue's EBITDA increased by 48 percent to US$4.74 billion in the full financial year compared to the previous year.
The improved results of the company reflect higher average iron ore prices and the continued focus on operational efficiencies which have further reduced the company’s operating costs.