Xinhua, Sydney :
Australia’s iron ore miner Fortescue Metals Group profit for the 2016 financial year rose to 985 million U.S. dollars from 316 million U.S. dollars in the previous period.
The Perth-based company said the underlying earnings before interest, taxes, depreciation and amortization increased 27 percent year-on-year to 3.2 billion U.S. dollars while revenue declined 17 percent to 7.08 billion U.S dollars from 8.57 billion U.S. dollars recorded in the previous period.
Fortescue attributed the robust performance to a sustained focus on productivity and initiatives taken to reduce its overall operating costs.
“Successful cost improvement measures and lower capital expenditure have more than offset the impact of falling iron ore prices to generate strong free cash flow,” Fortescue chief executive Nev Power said in a statement on Monday.
“We have repaid 2.9 billion U.S. dollars of debt in FY16, reducing net debt to 5.2 billion U.S. dollars and will continue to repay debt from operating cash flows,” he said.
Australia’s iron ore miner Fortescue Metals Group profit for the 2016 financial year rose to 985 million U.S. dollars from 316 million U.S. dollars in the previous period.
The Perth-based company said the underlying earnings before interest, taxes, depreciation and amortization increased 27 percent year-on-year to 3.2 billion U.S. dollars while revenue declined 17 percent to 7.08 billion U.S dollars from 8.57 billion U.S. dollars recorded in the previous period.
Fortescue attributed the robust performance to a sustained focus on productivity and initiatives taken to reduce its overall operating costs.
“Successful cost improvement measures and lower capital expenditure have more than offset the impact of falling iron ore prices to generate strong free cash flow,” Fortescue chief executive Nev Power said in a statement on Monday.
“We have repaid 2.9 billion U.S. dollars of debt in FY16, reducing net debt to 5.2 billion U.S. dollars and will continue to repay debt from operating cash flows,” he said.
