Underlying first half profit at Australian iron ore producer, Fortescue Metals Group, fell in the first half of the year to $98 million, down from US$164 million in the previous corresponding period. Figures were affected by the revaluation of the Leucadia loan note, which resulted in a negative adjustment of US$55 million against a boost of US$1.4 billion in the previous year, however the fall was also due to lower average realised prices during the half, which fell to US$57.22 per dry metric ton from US$71.65 in the previous comparable period.
Revenue for the half year rose 17% on year to US$1.19 billion from a restated US$1.01 billion a year earlier. Earnings before interest, tax, depreciation and amortization were US$426 million for the half year ended Dec. 31, down from US$479 million a year earlier. The company isn't paying an interim dividend.
Fortescue also announced that it has pushed back expansion plans for its port and iron ore operations in the Pilbara region of Western Australia although it said that the date could be brought forward again if it sought external funding. The company had aimed for an annualised rate of 95 million tons a year from February 2012; it now aims for 92 million tons a year from April 2013.
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