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Tuesday, August 25, 2015, Bhadra 10, 1422 BS, Zilqad 9, 1436 Hijr

Australia's Fortescue profits dive on slumping Chinese demand
Published :Tuesday, 25 August, 2015,  Time : 12:00 AM  View Count : 11

SYDNEY, Aug 24: Australian miner Fortescue Metals on Monday posted an 88 per cent slump in full-year net profit on the back of tumbling prices for the steel-making commodity iron ore, with China's economic slowdown weighing heavily.
Fortescue, one of the world's big four iron ore exporters along with Australia's BHP Billiton and Rio Tinto, and Brazil's Vale, made a profit of $316 million for the 12 months to June 30, down from $2.74 billion a year earlier.
The miner has been battling a supply glut and softening Chinese demand, which has seen the ore price plunge, hitting its lowest level since 2009 last month at $44.59.
Chief executive Nev Power admitted it had been "a challenging environment" with fellow giant Rio Tinto posting an 82 per cent slump in its first-half net profit earlier this month, with softer commodity prices also taking their toll.
BHP reports its annual results on Tuesday.    ?AFP

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