FMG’s annual net profit slides by 22.6%
Time:Tue, 29 Aug 2023 09:03:00 +0800
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Australian mining giant Fortescue Metals Group (FMG) reported that its annual net profit for the year ended June 30 was US$4.8 billion, dropped by 22.6% from the previous year. It was also far below the market estimate.
The sharp decrease was mainly due to higher costs, dropped iron ore prices, and a US$726 million noncash impairment of its Iron Bridge project. The project’s cost base was affected by the inflation pressures on construction and supply chain postpones.
During the period, FMG’s EBITDA fell by 11% year on year to US$5.52 billion. The shipment hit a record high of 192 million tons, a year-on-year increase of 1.6%.
