Fortescue's profit up threefold, beats analysts' estimates

Melbourne

FORTESCUE Metals Group Ltd, the world's fourth biggest iron ore exporter, reported that full-year profit rose more than threefold to beat analysts' estimates as costs fell and margins increased.

Net income was US$984 million in the year ended June 30, compared with US$316 million a year earlier, the best performer this year among Australia's 100 largest companies said in a statement on Monday. That beat the US$910 million average of 10 analysts' estimates compiled by Bloomberg.