Australian iron ore miner Fortescue Metals Group has announced its financial results for the half year ended on December 31 of the 2012-13 financial year.
In the given period, Fortescue's net profit decreased by 40 percent year on year to US$478 million, significantly impacted by a decrease in global iron ore prices. The company's sales revenue fell by two percent to US$3.3 billion, compared to the corresponding period of the previous fiscal year. Fortescue's EBITDA of US$1.13 billion in the half year was down 26 percent year on year.
In the first half of the financial year 2012-13, Fortescue posted record production volumes with total volumes shipped amounting to 35.7 million wet mt, increasing by 32 percent year on year, and an annualized run rate of 100 million mt per year achieved in December 2012. In the given period, the iron ore mined reached 35 million wet mt, increasing by 10 percent year on year.
Fortescue expects total shipments to remain between 82 million wet mt and 84 million wet mt for the full financial year. The company also stated that the Pilbara infrastructure sale is planned to be completed by the end of the current financial year.
