Fortescue posts 40% profit drop on weak iron ore prices, China slowdown

Aug 29 (Reuters) - Australian miner Fortescue Metals Group Ltd (FMG.AX) said on Monday its annual profit fell 40% despite record shipments of iron ore, due to declining prices of the steelmaking material amid cooling demand from top consumer China.

The profits of Fortescue, the world's fourth-largest iron ore miner, were still the second largest in the company's history. The miner posted record earnings the previous year.