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Australian FMG's annual profit falls by 40% due to weaker demand & prices

29 Aug 2022 15:59 reported by Joy Liu

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Australian mining giant Fortescue Metals Group (FMG) reported that its net profit fell by 40% in the fiscal year ending June, decreasing to US$6.2 billion from a record US$10.35 billion in the previous year.

The drop was due to weaker demand, falling iron ore prices, higher costs, and labor shortages.

During the year, FMG’s average revenue per dry metric ton of iron ore was US$99.8, lower than the US$135.32/dry metric ton in the previous year, when the company hit a record high in earnings.

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