Fortescue (ASX:FMG) delivers record first half revenue

Company News

by Anna Napoli

Fortescue (ASX:FMG) has reported record first half revenue of US$6.5 billion for the first half of 2020.

Net profit after tax rose by 281 per cent to US$2.5 billion.

Earnings increased from $1.6 billion to $4.2 billion.

The company had record shipments of 88.6 million tonnes.

Fortescue CEO Elizabeth Gainses says the company continues to generate strong margins, driven by its industry leading cost position and product strategy, resulting in a 281 per cent increase in net profit after tax to US$2.5 billion.

Shares in Fortescue (ASX:FMG) are trading 1.81 per cent higher at $11.26