(Updates with details on result, context, dividend)
Feb 15 (Reuters) - Australia's Fortescue Metals Group on Wednesday posted a weaker-than-expected fall in its
half-year profit as declining iron ore prices eroded earnings
from record half yearly shipments of the steel-making commodity.
Prices fell as stringent COVID-19 curbs in China and the
country's debt-laden property sector hurt steel demand in the
world's second-biggest economy.
Fortescue received $87 per dry metric tonne (dmt) in the
first-half ended Dec. 31 for its iron ore, down from $96 per dmt
a year earlier, taking the edge off record shipments of 96.9
million tonnes, up 4% from a year ago.
The miner also flagged that inflationary pressures will
continue to be a risk for the remainder of the fiscal 2023.
The world's fourth-largest iron ore miner said underlying
net profit after tax for the six months ended Dec. 31 was $2.37
billion, compared with $2.78 billion a year ago. Analysts had
expected a profit of $2.34 billion, according to Vuma Financial.
The company announced an interim dividend of A$0.75 per
share compared with A$0.86 declared a year ago.
(Reporting by Sameer Manekar and Rishav Chatterjee in
Bengaluru; Editing by Shinjini Ganguli)
Rishav.Chatterjee@thomsonreuters.com;))
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