Australian iron ore miner Fortescue Metals Group has announced its financial results for the financial year 2013-14 ended on June 30.
During the given period, Fortescue's net profit amounted to US$2.73 billion, rising 56 percent compared to the previous financial year. The company's sales revenue amounted to US$11.7 billion, up 45 percent year on year. Fortescue's EBITDA increased by 58 percent year on year to US$5.6 billion in the full financial year, reflecting the successful expansion to 155 million mt per year together with a focus on performance improvement across the mines, rail and port infrastructure.
At the end of the financial year 2013-14, Fortescue's net debt improved to US$7.2 billion, reduced from US$10.5 billion on June 30, 2013.
According to Fortescue's statement, total iron ore shipments for the financial year 2014-15 are estimated to range from 155 to 160 million mt.
