Australia's Fortescue posts 41% drop in annual profit

Reuters

08/26

Aug 26 (Reuters) - Australia's Fortescue FMG.AX reported a 41% drop in its annual profit on Tuesday, as prices of iron ore remained under pressure due to oversupply concerns and slowing China demand.

The world's fourth-largest iron ore miner said attributable net profit after tax came in at $3.37 billion for the year ended June 30, compared with $5.68 billion a year ago and slightly below the LSEG-compiled average analysts' estimate of $3.43 billion.

(Reporting by Himanshi Akhand and Rajasik Mukherjee in Bengaluru; editing by Alan Barona)

((Rajasik.Mukherjee@thomsonreuters.com;Himanshi.Akhand@thomsonreuters.com))

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