Fortescue full-year earnings plunge 88% on iron ore collapse
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Melbourne
BILLIONAIRE Andrew Forrest's Fortescue Metals Group Ltd reported full-year profit tumbled a more-than- expected 88 per cent after iron ore prices plunged on a global glut and a slowdown in China's steel industry.
Net income was US$317 million in the year ended June 30, compared with US$2.7 billion a year earlier, the world's fourth-biggest exporter said on Monday. That missed the US$417 million average of 12 analysts' estimates compiled by Bloomberg, sending the stock down to the lowest in almost seven years.
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