Fortescue Metals H1 Profit Down 40%

Fortescue Metals Group

reported a 40% drop in its first-half profit. Fortescue Metals' net profit for the period fell to US$478 million, from US$801 million, in the year-ago period. However, analysts were expecting a profit of US$402.5 million. Fortescue Metals shares closed at $10.71 yesterday.