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By Ambar Warrick
Investing.com-- Australian iron ore miner Fortescue Metals Group Ltd (ASX:FMG) reported a drop in its annual profit on Monday as weak iron prices, driven by fears of slowing Chinese demand, offset record shipments through the year.
Fortescueâs underlying net profit after tax to the year to June 30 slumped 40% to $6.2 billion, with revenue down 22%. But the profit reading was in line with estimates.
The worldâs fourth largest iron ore producer by output said average ...
>>> Read more: Australiaâs Fortescue Logs FY Profit Slump on Iron Ore Weakness
Investing.com-- Australian iron ore miner Fortescue Metals Group Ltd (ASX:FMG) reported a drop in its annual profit on Monday as weak iron prices, driven by fears of slowing Chinese demand, offset record shipments through the year.
Fortescueâs underlying net profit after tax to the year to June 30 slumped 40% to $6.2 billion, with revenue down 22%. But the profit reading was in line with estimates.
The worldâs fourth largest iron ore producer by output said average ...
>>> Read more: Australiaâs Fortescue Logs FY Profit Slump on Iron Ore Weakness
