Key facts
- Fortescue Ltd.'s net profit for the fiscal year ending June 30 fell 15% to $2.9 billion.
- The company cited China's property slowdown and negotiations with state-backed buyers as reasons for the profit decline.
- Fortescue will pay a final dividend of 46 Australian cents per share.
- Full-year dividend returns will total A$1.08 per share.
Fortescue Ltd. experienced a 15% year-over-year decline in its attributable net profit, reaching $2.9 billion for the 12 months ending June 30. The Australian iron ore giant attributed the profit drop to persistent challenges stemming from China's property market slowdown and ongoing negotiations with the country's state-backed buyers, despite generally favorable iron ore prices.
The company announced it would distribute a final dividend of 46 Australian cents per share, bringing the total full-year dividend returns to A$1.08 per share.