Fortescue 1st-half profit slips amid iron ore rout

martes 23 de febrero de 2016 18:26 GYT

SYDNEY Feb 24 (Reuters) - Australia's Fortescue Metals Group said its first-half net profit fell by 3.6 percent as the price of iron ore tumbled amid a mounting global supply glut.

Fortescue, which trails Rio Tinto and BHP Billiton in Australia, posted a net profit of $319 million, compared with $331 million a year ago.

The company also lowered its production cost guidance to an average $13 per tonne by the end of the second half. This compared with an average cost of $16.34 a tonne in the first half of fiscal 2016.

(Reporting by James Regan; Editing by Leslie Adler)