Fortescue Metals Posts 40% Plunge in Profit on Lower Iron Ore Prices, Scraps Dividend

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.

Click here to read the full Bloomberg report.