Fortescue Metals
(ASX:FMG) has reported a surge ahead in its results, with its profit attributable to members rising 113 per cent to US$2.1 billion for the financial year ending 30 June 2017.
The iron ore giant saw its revenue increase by 19 per cent over the same period to US$8.4 billion, also reflected in higher iron ore prices.
Its EBITDA hit US$4.7 billion a massive 48 per cent rise on the prior corresponding period.
The company’s declared dividends also rose compared to the prior corresponding period, to an interim dividend of $0.20 fully franked and a final dividend of $0.25 fully franked.
As well as reducing net gearing by 21 per cent and improving costs by 17 per cents, its safety performance was also bolstered.
Shares in Fortescue Metals
(ASX:FMG) are trading 6.18 per cent higher to $5.84.
