Australia's Fortescue triples profit on soaring iron ore prices, hikes dividend [Reuters]
FORTESCUE METAL GRP S/ADR (FSUGY)
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Source: Reuters
Australia's Fortescue triples profit on soaring iron ore prices, hikes dividend - Reuters 2 Min Read (Reuters) - Fortescue Metals Group on Monday said its annual profit nearly tripled and declared a bumper dividend, helped by robust output and soaring iron ore prices amid a supply crunch. Fortescue’s result comes amid a windfall for iron ore miners earlier in the year after supply disruptions and robust demand from China sent prices soaring. The miner’s shares have nearly doubled so far this year. The world’s fourth-largest iron ore miner posted a final dividend of A$0.24 per share, double what it paid last year, bringing its total dividend to A$1.14. The price Fortescue received for its ore in the June quarter jumped 30% from the previous quarter to $92 per dry metric tonne, narrowing its discount to benchmark 62% iron ore to 13 percent from as wide as 37 percent a year ago, the miner said last month. Fortescue reported a full-year underlying net profit after tax of $3.19 billion, sl
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