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