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Fortescue Metals Posts 40% Plunge in Profit on Lower Iron Ore Prices, Scraps Dividend
Feb. 20, 2013 02:41PM PST
Base Metals Investing Bloomberg reported that Australia’s third biggest iron ore producer, Fortescue Metals Group Ltd., said its profit went down 40% because of lower prices of iron ore and said dividends won’t be paid.
Bloomberg reported that Australia’s third biggest iron ore producer, Fortescue Metals Group Ltd., said its profit went down 40% because of lower prices of iron ore and said dividends won’t be paid.
As quoted in the market news:
Net income slipped to $478 million in the six months to Dec. 31 from $801 million a year earlier, the Perth-based company said today in a statement. While no dividend will be paid for the period, Fortescue will consider a full-year payout, it said.
