The Fortescue Metals Group Limited (ASX: FMG) share price is higher in early morning trade, up 1.07% to $4.26.
This comes after the company posted a 58% drop in annual profit on the back of declining prices and demand for its iron ore from China.
- Net profit $US879 million vs $US2.09 billion in FY17, down 58%
- Revenue down 18% to $US6.89 billion
- Final dividend of 12 cents per share, down from 25 cents per share
The world’s fourth-largest iron ore miner reported a full-year net profit of $US879 million, down from $US2.09 billion a year ago and missing analyst estimates of $US1.08 billion.
Demand for Fortescue’s iron ore from China has been on the decline as steelmakers look to import higher-grade, less-polluting iron ore.