(Reuters) – Australia’s Fortescue reported a 53% drop in first-half profit on Thursday as iron ore prices remained weak. Iron ore prices moderated last year on weak demand from China’s struggling property sector and high portside inventories, which dented the miner’s earnings from the steel raw material. However, a series of stimulus measures by Beijing […]
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Australia’s Fortescue posts slump in first-half profit
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(Reuters) – Australia’s Fortescue reported a 53% drop in first-half profit on Thursday as iron ore prices remained weak.
Iron ore prices moderated last year on weak demand from China’s struggling property sector and high portside inventories, which dented the miner’s earnings from the steel raw material.
However, a series of stimulus measures by Beijing have helped the ferrous market to recoup some losses in recent months.
The world’s fourth-largest iron ore miner said underlying attributable net profit after tax was $1.55 billion for the six months ended December 31, compared with $3.34 billion reported a year ago.
It also declared an interim dividend of A$0.50 per share, lower than last year’s A$1.08.
(Reporting by Roshan Thomas and Sherin Sunny in Bengaluru; Editing by Anil D’Silva)