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FMG Reports Net Profit of US$644M for 1H19
Australia's iron ore supplier Fortescue Metals Group Limited ("FMG") has released its consolidated business results (on a US dollar basis) for the first half of fiscal year 2019 (1H19, Jul-Dec 2018), which ends at the end of June 2019. Net profit after tax stood at US$644 mil, down 5.4% year-on-year (y/y).

As highlights for 1H19, FMG has cited: (1) Underlying EBITDA of US$1.6 billion; (2) 82.7 mil wmt of ore shipped; (3) C1 cost of US$13.11/wmt; (4) Net debt of US$3.0 billion, inclusive of US$962 million cash on hand at 31 December 2018; (5) Buy-backs of A$139.2 mil (US$101 mil) of FMG shares in total; (6) Shipments of West Pilbara Fines commenced in December 2018; (7) The Eliwana mine and rail development project is progressing on schedule and budget; and (8) Commitment to diversity maintained with Aboriginal employees comprising 13% of Australian workforce and female participation increasing to 18%.
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last modified : Thu 28 Feb, 2019 [10:25]
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