Fortescue profit jumps threefold to $985m

Australian iron-ore miner Fortescue Metals posted a threefold increase in net profit for the year ended June 30, driven by a strong operational performance and an unwavering cost-reduction strategy. Fortescue, which has four mine sites in the Pilbara, increased net income to $984-million, a 212% improvement on the previous year’s $316-million profit, the company reported on Monday.