August 25, 2019 / 11:19 PM / 5 months ago

Australia's Fortescue annual profit triples on soaring iron ore prices

Aug 26 (Reuters) - Fortescue Metals Group on Monday said its annual profit tripled and upped its dividend, helped by robust output and soaring iron ore prices amid a supply crunch.

The world’s fourth-largest iron ore miner reported a full-year underlying net profit after tax of $3.19 billion, slightly under a forecast of $3.21 billion from Credit Suisse. Last year it reported a profit of $1.08 billion.

Fortescue declared a final dividend of A$0.24 per share, double what it paid last year, bringing its total dividend to A$1.14. (Reporting by Nikhil Kurian Nainan and Rashmi Ashok in Bengaluru; Editing by Sonali Paul)

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