Fortescue Metals

Fortescue Metals is morphing into a significant iron ore business, as results for the half year to 31 December make clear. Revenue rose 33% to US$3.4bn, driven by a 36% jump in iron ore production to 26.6m tonnes per annum (mtpa). Net profit after tax rocketed 155% to US$801m while earning per share rose 153% to US25.72 cents. Net operating cashflow fell marginally as the company’s tax bill was paid, allowing a fully franked 4 cent dividend (in Australian currency) to be declared (ex-date 7 Mar). Table 1: Fortescue's half-year results Half-year ending 31 December 2011 2010 Change (%) Revenue...

Fortescue Metals is morphing into a significant iron ore business, as results for the half year to 31 December make clear. Revenue rose 33% to US$3.4bn, driven by a 36% jump in iron ore production to 26.6m tonnes per annum (mtpa). Net profit after tax rocketed 155% to US$801m while earning per share rose 153% to US25.72 cents. Net operating cashflow fell marginally as the company’s tax bill was paid, allowing a fully franked 4 cent dividend (in Australian currency) to be declared (ex-date 7 Mar).

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