Fortescue Annual Profit Drops 15% on Iron Bridge Writedown

By Rhiannon Hoyle

Fortescue reported a 15% fall in annual net profit and pared its year-end dividend as it wrote down the value of its Iron Bridge magnetite project in Western Australia.

Fortescue, the world's fourth-largest iron ore producer, on Thursday said it made a net profit of US$2.87 billion for the 12 months through June, down from US$3.37 billion in the year-earlier period.

Its bottom line was weighed by US$598 in significant items after tax, including the Iron Bridge impairment charge and a compensation claim expense.

Fortescue said its underlying profit increased by 3% to US$3.47 billion. Revenue, up 9% year over year, benefited from a 7% increase in the price Fortescue received for its hematite ore and a 2% increase in iron-ore sales.

Directors declared a final dividend of 46 Australian cents a share, equivalent to 33 U.S. cents and down from 60 Australian cents a year ago.

Its full-year payout totaled A$1.08 a share, which was down from A$1.10 a share a year earlier and represents a payout of 65% of profits, Fortescue said. The company has a policy of spending between 50% and 80% of annual underlying profit on dividends.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

August 19, 2026 19:28 ET (23:28 GMT)