Fortescue Metals posts record underlying net profit

Company News

by Rachael Jones

Fortescue Metals (ASX:FMG) posted record underlying net profit of $US3.2 billion, 195 per cent higher than the previous year.

The amount of ore shipped was one per cent lower than Financial Year 2018 at 167.7 million tonnes.

This was at a cost of $US65 per dry metric tonne, a 48 per cent increase on last year’s average, resulting in revenue increasing to US$10.0 billion.

The board declared a fully franked dividend of 24 cents per share, taking total dividend for the year to $1.14.

Shares in Fortescue Metals (ASX:FMG) are trading 3.17 per cent lower at $7.33.