Fortescue Metals Group Profits Rose 53 Percent

Bloomberg reported Fortescue Metals Group Ltd. (ASX:FMG) said full-year profit rose 53 percent to a record, after an increase in output countered declining prices.

As quoted in the market news:

Net income climbed to $1.56 billion, or 50.06 cents a share, in the 12 months ended June 30 from $1.02 billion, or 32.83 cents, a year earlier, the Perth-based company said today in a statement. The average of 15 analyst estimates compiled by Bloomberg was $1.55 billion.

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