Australia’s Fortescue Metals first-half profit drops 15%

Australia’s Fortescue Metals Group FMG.AX on Wednesday posted a 15% fall in its half-year profit, as declining iron ore prices more than offset record half-yearly shipments of the steel-making commodity.

The world’s fourth-largest iron ore miner said underlying net profit after tax for the six months ended Dec. 31 was $2.37 billion, compared with $2.78 billion a year ago. Analysts had expected a profit of $2.34 billion, according to Vuma Financial.