Fortescue Metals Group Limited
(ASX:FMG) has seen a 90 per cent slump in net profit to US$316 million from US$2.74 billion posted last year.
The sinking iron ore price has hit the miner hard with Fortescue slashing costs to get its product to market. Capital expenditure was reduced to US $626 million from US$1.9 billion.
Fortescue is spruiking a stronger balance sheet and declared a fully franked final dividend of 2 cents per share.
