Fortescue Metals: Interim result 2013

Fortescue's interim result is a classic lesson in why investing by numbers alone is a dangerous pursuit.

For those who select investments on the numbers alone, Fortescue Metals offers a cautionary tale. Iron ore production for the half year soared 32% to 35.7m tonnes and management claim the business on track to produce an extraordinary 100m tonnes of iron ore for the full year. Despite the production increase, lower prices resulted in revenue falling 2% to US$3.3bn while net profit fell 40% to US$478m, translating to earnings per share of US$0.15, down 40%. The board has indicated it will look at paying dividends at year end, depending on the iron ore price.

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