Australian iron ore miner Fortescue Metals Group has announced its financial results for the first half ended December 31 of the financial year 2016-17.
During the given period, Fortescue's net profit amounted to US$1.22 billion, compared to a net profit of US$319 million recorded in the corresponding period of the previous financial year. The company's sales revenue amounted to US$4.49 billion, up 34 percent year on year. Fortescue's EBITDA increased by 103 percent year on year to US$2.64 billion in the first half of the given financial year.
Fortescue stated that in the given period its successful operational performance combined with positive market conditions produced strong cash flows, facilitating further debt repayments of US$1.7 billion.
The company’s iron ore shipment guidance for the full financial year of 2016-17 remains unchanged at between 165 million mt and 170 million mt.