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Fortescue beats profit expectations

Australian iron ore producer Fortescue Metals Group has reported a half-year net profit after tax of US$2.5 billion, above consensus of $2.3 billion.

Fortescue beats profit expectations Fortescue beats profit expectations Fortescue beats profit expectations Fortescue beats profit expectations Fortescue beats profit expectations

FMG COO Greg Lilleyman, deputy CEO Julie Shuttleworth, CEO Elizabeth Gaines, and CFO Ian Wells

Half-year revenue was a record $6.5 billion as shipments rose 7% to 88.6 million tonnes, C1 costs dropped 3% to $12.73 per wet metric tonne, and the average realised price jumped 73% to $80.