Fortescue doubles profits in 2017

Iron-ore major Fortescue Metals has doubled its net profit for the year ended June 30, reflecting the higher iron-ore prices during the year, as well as a sustained focus on productivity and efficiency initiatives that resulted in record low C1 cash costs. Net profit after tax was reported at $2.1-billion, compared with the $985-million reported in the 2016 financial year, with revenue increasing by 19% to $8.4-billion, compared with the $7.1-billion reported in 2016.