Fortescue Metals 1H Net Profit $2.78 Billion, Down 32%

Fortescue Metals Group Ltd. reported a 32% fall in first-half net profit because of higher operating costs and weaker prices for the iron ore that it produces.

The world's fourth-largest producer of iron ore, used in steel, said it made a net profit of $2.78 billion in the six months through December. That was down from $4.08 billion in the year-earlier period.

Directors declared an interim dividend of 86 Australian cents (US$0.62) a share, down from A$1.47 a share a year ago.