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.

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.