FMG profit falls 58%

THE increased discount for lower-grade iron ore has hit Fortescue Metals Group’s bottom line.

FMG profit falls 58% FMG profit falls 58% FMG profit falls 58% FMG profit falls 58% FMG profit falls 58%

Revenue for the 2018 financial year dropped by 18% to US$6.88 billion on the sale of 170 million tonnes of iron ore at an average price of $44 per wet metric tonne, down from $53/t.