Iron-ore producer Fortescue Metals Group Ltd. released its half-year results ending December 31 that include a net profit after tax of US$1.2 billion, which is a 283% increase over $319 million that was reported for the half-year period ending December 31, 2015. 

“Our team has continued their unwavering focus on delivery against safety, productivity and cost reduction targets,” said Fortescue CEO Nev Power. “We achieved further improvement in our C1 costs to US$13.06/wet metric ton (mt) and shipped 86.1 million mt for the half year, slightly ahead of our targets.”

Power said the company’s successful operational performance along with positive market conditions produced strong cash flows.

“Capital management remains our key priority and we will continue to repay debt, invest in the long term sustainability of our business and deliver returns to shareholders,” he added.

The company’s underlying EBITDA was US$2.6 billion. Full-year 2017 guidance is maintained for iron ore shipments of 165-170 million mt with a C1 cost of US$12-13 per wet mt.