Fortescue Metals Group's annual net profit down

Fortescue Metals Group reported a 22.6% drop in its annual net profit for the year ending June 30, with a net profit of US$4.8 billion. The decline was primarily due to higher costs, dropped iron ore prices, and a noncash impairment of its Iron Bridge project. FMG's EBITDA fell by 11% to US$5.52 billion, while shipment volumes reached a record high of 192 million tons.