REPORTING SEASON: Fortescue Metals Group (FMG)
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Figure 1: Fortescue Metals Group 12 month chart
Iron ore miner Fortescue Metals Group (FMG) has beaten the market’s estimate for its full year net profit, reporting a rise of 12 per cent to $1.75bln.
Its improved cash flow has seen FMG flag its intention to start repaying debt in the year ahead as it cuts capital expenditure and improves its margins.
The Pilbara Infrastructure (TPI) sale process has generated interest and offers, although these offers have not met Fortescue’s objectives for value and terms.
Fortescue will pay a fully-franked final dividend of 10 US cents on October 4.