Fortescue lifts FY net profit

Iron ore giant aiming to lower capital expenditure, improve profit margins in year ahead, with view to commencing debt repayments.

Fortescue Metals (FMG) intends to decrease its capital expenditure and improve its operating margins as it moves toward the commencement of debt repayments in the year ahead, on the back of a solid lift in profit for fiscal 2013.

In the year to June 30, Fortescue's net profit was $1.75 billion, a 12% jump on the $1.56 billion recorded in 2012 and in line with market expectations.

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