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FMG Reports Record Performance for First Half of FY20

Mining News - Published on Thu, 20 Feb 2020

Image Source: fmgl.com.au
Fortescue has released its results for the half year ended 31 December 2019 reporting record shipments of 88.6 million tonnes, underlying EBITDA of USD 4.2 billion and net profit after tax of USD 2.5 billion. Fortescue Chief Executive Officer Ms Elizabeth Gaines said “Fortescue’s excellent results for the first half of FY20 include record production and shipments across the operations generating half year revenue of USD 6.5 billion at an average realised price of USD 80/dmt for the half year, 73 per cent higher than the prior comparable period. We are continuing to generate strong margins, driven by our industry leading cost position and product strategy, resulting in a 281 per cent increase in net profit after tax to USD 2.5 billion, delivering outstanding shareholder returns. Our integrated mine to market infrastructure is delivering sustained operational efficiencies across the business and both of our significant growth projects, Eliwana and Iron Bridge, are progressing on schedule and budget. Fortescue is investing USD 700 million in energy transmission infrastructure and solar-gas hybrid generation, to optimise existing assets and deliver low cost power to the Iron Bridge project. Consistent with our commitment to reduce emissions, it is estimated that 25-30 per cent of stationary energy will be powered by solar on completion of these developments.”

Heading1H201H19YoY
Ore mined (wmt)105.2101.14.1%
Ore processed (wmt)91.385.37.0%
Ore shipped (wmt)88.682.77.1%
Realised price (US$/dmt)80.3646.5472.7%
C1 costs (US$/wmt)12.7313.11-2.9%
Revenue (US$ millions)6,4853,54083.2%
Underlying EBITDA (US$ millions)4,2281,633158.9%
Reported net profit after tax (USS millions)2,453644280.9%
 

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Posted By : Rabi Wangkhem on Thu, 20 Feb 2020
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