Weak iron ore prices hit FMG s profit

Weaker iron ore prices have hit Fortescue Metals Group with the Pilbara miner posting a 40 per cent fall in first-half profit.

However the company says it has had a strong start to the second half of the 2012/13 financial year with iron ore prices returning to high levels and cost savings being realised.

Fortescue made a net profit $US478 million ($A463.99 million) in the six months to December 31, down from $US801 million in the previous corresponding period.

It will not be paying shareholders an interim dividend, and said it would review its dividends after its full year result is announced.

More to come…

The West Australian

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