Fortescue Full-Year Net Profit Surges 53%

Fortescue Metals Group Ltd

reported a 53% surge in its full-year net profit. Fortescue's net profit for the period rose to US$1.56 billion, from US$1.02 billion, in the year-ago period. However, analysts were expecting a net profit of US$1.43 billion. Its revenue climbed 23% to US$6.68 billion. The company also announced a final dividend of 4 Australian cents per share. Fortescue shares gained 3.08% to close at $8.69 yesterday.