Fortescue Metals Group sees 58% slide in profits

Company News

by Rachael Jones

Fortescue Metals Group (ASX:FMG) has revealed a 58 per cent slide in annual profits with a underlying net profit after tax US$1.1 billion.

Revenue was $US6.88 billion lower than the $US7.04 billion expected by analysts.

Underlying EBITDA of US$3.2 billion. 

170 million tonnes of ore were shipped in the last year.

They are offering 12 cents per share fully franked to shareholders taking the total dividends for 2018 to 23 cents.

Shares in Fortescue Metals Group (ASX:FMG) closed down 1.17 per cent to $4.21 on Friday.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.