Australia�s Fortescue profits dive 88pc

AFP, SYDNEY: Australian miner Fortescue Metals yesterday posted an 88 per cent slump in full-year net profit on the back of tumbling prices for the steel-making commodity iron ore.
Fortescue, one of the world’s big four iron ore exporters along with Australia’s BHP Billiton and Rio Tinto, and Brazil’s Vale, made a profit of $316 million for the 12 months to June 30, down from $2.74 billion a year earlier.
The result missed analyst expectations, sending the embattled company’s shares nearly eight per cent lower to Aus$1.76 in morning trade.
The miner has been battling a supply glut and softening Chinese demand, which has seen the ore price plunge, hitting its lowest level since 2009 last month at $44.59.

Australia�s Fortescue profits dive 88pc

AFP, SYDNEY: Australian miner Fortescue Metals yesterday posted an 88 per cent slump in full-year net profit on the back of tumbling prices for the steel-making commodity iron ore. Fortescue, one of the worlds big four iron ore exporters along with Australias BHP Billiton and Rio Tinto, and Brazils Vale, made a profit of $316 million for the 12 months to June 30, down from $2.74 billion a year earlier. The result missed analyst expectations, sending the embattled companys shares nearly eight per cent lower to Aus$1.76 in morning trade. The miner has been battling a supply glut and softening Chinese demand, which has seen the ore price plunge, hitting its lowest level since 2009 last month at $44.59.