UPDATE 3.15pm: Fortescue Metals Group has lifted its full-year profit by 12 per cent to $US1.74 billion and boosted its final dividend to 10 cents a share, fully franked.
The Andrew Forrest-led iron ore miner's result came on revenue of $US8.1 billion, up 21 per cent on the previous year.
The jump in revenue was achieved on a record 80.9 million tonnes of iron ore shipped for the year, up 41 per cent on the previous year.
The company declared a 10 cent final dividend after suspending its interim dividend, lifting its annual dividend by 25 per cent from the eight cents paid the previous year.
FMG chief executive Nev Power said the company's record net profit and final dividend was built on strong performances by its operations and development groups.
"This outstanding result underscores our strategy to grow production and drive down costs through enhanced processing capabilities, upgrading our ore and operating more efficiently," he said.
"We are already realising the benefits of our new production assets and our position will be further enhanced as we complete our expansion to 155mtpa."
FMG said it hit an annualised shipping run rate of 120mtpa in June and was targeting a 155mtpa run rate capability by the end of the calendar year as its Kings Mine came online.
Full-year 2014 production guidance remained unchanged at 127-133mt, inclusive of third party ore.
Full year costs were $US44 per wet metric tonne, 9 per cent lower than last year, with 2014 costs expected to be in the range of $US36-$US38 per wmt.
The company held cash of $US2.2 billion at the end of June.
Chief financial officer Stephen Pearce said the company finished 2013 in a very strong financial position with yet another set of production records, sustainable cost reductions and improved cash flows from expanded production.
"The flexibility built into our balance sheet provides a variety of debt management options which, along with significant reduction in capital expenditure levels will improve Fortescue's credit quality," he said.
"This, together with the continued focus on operational margins provides the perfect opportunity to commence debt repayments (before the end of the calendar year).FMG shares closed up 17 cents, or 4.16 per cent, at $4.26.