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Fortescue Shares Drop 5% After Posting Lower Fiscal H1 Earnings and Dividend Cut
Fortescue Ltd Increases Stake in Red Hawk Mining
Fortescue Energy Spending Cut Good. Market Will Want More -- Market Talk
Fortescue, the Australian iron ore company, saw its profits plummet by 53% in the first half of the fiscal year due to declining demand.
Fortescue Ltd., an Australian iron ore company, saw its profit in the first half of the fiscal year drop by 53% year-on-year, due to declining demand for iron ore leading to falling prices. Fortescue announced on Thursday that its net income for the six months ended December 31 was 1.55 billion US Dollars. The company will pay a dividend of 0.5 Australian Dollar per share. Hours earlier, the world's largest iron ore company, Rio Tinto Group, reported a basic profit of 10.9 billion US Dollars for the fiscal year, a decrease of 7.6% year-on-year.
Fortescue Has Not Changed Vision, Direction for Clean Energy Business: Energy Chief
Fortescue Net Debt $2.0 Billion at Dec. 31
