Fortescue Metals : Sees 1st Half Net Profit Roughly $4.0 Billion-$4.1 Billion

By Rhiannon Hoyle

SYDNEY--Fortescue Metals Group Ltd. Friday said it expects to record a net profit of between $4.0 billion and $4.1 billion for the first half of its fiscal year, based on preliminary unaudited management accounts.

The Australian iron-ore mining company, which has been benefiting from a surge in iron-ore prices to a roughly nine-year high, made a net profit of $2.45 billion in the same period a year earlier.

Fortescue reported the figure in a regulatory filing following a speech by chairman Andrew Forrest in which he said the company made a net profit after tax of more than $940 million for the month of December 2020.

Fortescue's half-year results, for the six months through December, are scheduled for release on Feb. 18.

Write to Rhiannon Hoyle at [e-mail]

(END) Dow Jones Newswires

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