Fortescue Metals Full Year Profit Results 2012

Iron ore miner, Fortescue Metals (ASX: FMG) have released their full year financial results for FY 2012 to the ASX stockmarket.

• Full year net profit US$1.6 billion, up 53 percent.
• Record revenues $6.7 billion.
• operating sales revenue up 41 percent to $US6.7 billion ($A6.40 billion), last year: $US5.4 billion ($A5.16 billion).
• Iron ore mined: 60 million tonnes (up 46 percent)
• Iron ore prices did fall 12 percent on average selling prices.
• Average iron ore selling price for 2012 was $120 per tonne in 2012 financial year. Next year it is expected that the average price of iron ore to fall. Recently iron ore prices fell to as low as $104 per tonne.
• Fortescue has calculated that it could be liable for up to US$3.5 billion of taxes under the Minerals Resource Rent Tax (MRRT) (not included in this year's financial accounts.
• MRRT applies to profits made on iron ore and coal projects in Australia. Both Rio Tinto Limited (ASX: RIO) and BHP Billiton Limited (ASX: BHP) have recognised amounts on their financial statements in this year's results.
• FMG declared a final dividend of 4 cents per share, fully franked and ex-dividend date of 31/8/2012. Fortescue full year dividend distribution is 8 cents.
• Fortescue shares closed Thursday trade at $4.24 per share. However the stock closed the week at $3.98 (losing 6.13 percent or 26 cents).