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Fortescue Metals Group Releases Half Year Results

19 Feb 2020  |  09:52:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Half Year Results

Fortescue Metals Group released its results for the half year ended 31 December 2019 (1H20) reporting record shipments of 88.6mt, underlying EBITDA of US$4.2 bn and NPAT of US$2.5 bn. The half year results reflect the impact of improved price realisation, strength in operational performance and the sustained contribution of productivity and efficiency initiatives across the business. Revenue increased to US$6,485m in 1H20, 83% higher than the 1H19 period as the average realised iron ore price increased to US$80/dmt compared to US$47/dmt in 1H19. The increase in the average realised price of 73% outperformed the increase in the average benchmark 62% Platts CFR Index price of 38% over the same period.

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