Shares Fortescue Metals Group Limited (ASX:FMG) fell almost 5 per cent yesterday after unveiling its results for the first half of the 2015 financial year.
The Pilbara focussed iron ore miner’s interim net profit sank 81 per cent to $US331 million from $US1.7 billion the year before.
As the price of iron ore tumbled the result was impacted by a 17 per cent drop in revenue despite iron ore shipments rising 53 per cent to 82.7 million.
CEO Nev Power says the company is generating positive cash margins and continuing to strengthen its financial position to deliver long-term value.
Fortescue has cut its interim payout to a fully franked dividend of 3 cents per share, down from 10 cents per share the year before.
