Fortescue Metals Group Ltd Significant cost reduction and positive results For the first half year 2017,

Significant cost reduction and positive results: For the first half year 2017, Fortescue Metals Group Ltd(ASX: FMG) recently clarified that media reports about submitting an indicative bid for Wesfarmers Curragh coal mine assets are incorrect. For half year FY17, FMG recorded a 34% increase to $4,492 million in revenue as compared to $3,344 million in a year-ago period. Meanwhile, net profit after tax stood at US$1.2 billion and underlying EBITDA at US$2.6 billion as compared to $319 million and $1.3 billion in the same period a year-ago. FMG recorded further improvement in C1 costs to US$13.06/wmt and shipped 86.1 million tonnes for the half year which is ahead of its targets. Fortescue has given FY17 C1 cost guidance of US$12-13/wmt and is on target to offset the impact of increased oil costs and a higher Australian dollar. Led by productivity improvements and consistent cash returns from its assets, the company board declared A$0.20 per share fully franked interim dividend.    


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