Fortescue annual profit slumps 41% on weaker iron ore prices

Investing.com-- Fortescue (ASX:FMG) on Tuesday reported a 41% drop in annual profit as weaker iron ore prices weighed on earnings, though record shipments and lower costs underscored the miner’s operational strength.

The world’s fourth-largest iron ore producer posted net profit after tax of $3.37 billion for the year ended June 30, down from $5.68 billion a year earlier.

Revenue fell 15% to $15.5 billion as average hematite prices slipped 18% to $84.79 per dry metric tonne.

Still, Fortescue achieved record shipments of 198.4 million tonnes, up 4% on the year, while cutting its C1 cash costs to $17.99 per wet metric tonne.

The Perth-based miner declared a fully franked final dividend of A$0.60 per share, bringing the full-year payout to A$1.10.

For fiscal 2026, Fortescue guided for shipments of 195-205 million tonnes and hematite C1 costs of $17.50-$18.50 per tonne.