Fortescue Metals Group Limited
(ASX:FMG) has reported a 4 percent fall in net profit to US$319 million for H1 FY16, beating analyst estimates.
Revenue also fell by nearly one-third to US$3.3 billion.
The miner achieved a record low C1 cost of approximately US$16/wmt while shipping 84 million tonnes for the half year, reaffirming the company’s targeted annual production rate of 165mt for FY16.
CEO Nev Power revised cost guidance to US$13/wmt by the end of FY16.
Fortescue Metals will pay an interim dividend of 3 cents fully franked.
