Australia's Fortescue posts record annual profit on firm China demand, hikes dividend

Credit: REUTERS/© David Gray / Reuters

Fortescue Metals Group posted a record full-year profit and hiked its dividend on Monday, helped by robust iron ore output and firm prices as Chinese appetite for the steelmaking ingredient recovered after coronavirus-led disruptions.

Aug 24 (Reuters) - Fortescue Metals Group FMG.AX posted a record full-year profit and hiked its dividend on Monday, helped by robust iron ore output and firm prices as Chinese appetite for the steelmaking ingredient recovered after coronavirus-led disruptions.

The world's fourth-biggest iron ore miner said net profit for fiscal 2020 was $4.74 billion, up from $3.19 billion a year ago. Analysts on average were expecting the figure at $4.77 billion, according to Refinitiv IBES data.

The company declared a final dividend of A$1 per share, a sharp jump from the A$0.24 per share it paid last year.

(Reporting by Rashmi Ashok in Bengaluru; Additional reporting by Anushka Trivedi; Editing by Daniel Wallis)

((Rashmi.Ashok@thomsonreuters.com; +918061822604;))

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