FMG – 4.030 -0.140 ( Look Up)

The good News on FMG

– > Last week, the company said it was in talks to sell to Japanese and Korean mills for the first time as it tries to take market share

–> In August, Fortescue reported an annual net profit for the year ended June 30 of $US508.04m, compared to a loss of $US771.77m previously.

– > On an annualised basis, production was 38Mt per annum, compared to the 35Mt a year forecast.

The Bad News on FMG

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FORTESCUE Metals Group has reported a net loss of $US18million ($19.56m) for the September quarter after adjustments for foreign exchange and a note liability.

The iron ore miner, which switched to reporting in US from Australian dollars this year, said the result compared to a restated profit of $US99m ($107.59m) for the previous September quarter.
Fortescue said the net result was partly due to a $US68m increase in the value of its Leucadia Note liability and a $US25m foreign exchange adjustment

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The iron ore miner, which has switched to reporting in US dollars from Australian dollars in 2009, said in a special purpose financial report that the result compared to a restated profit of $US99 million for the prior September quarter.

This stock has potential  as a long term investment is GOLD and one or 2 new deals could see a surge in the stock price from current levels. Grab it Now !!

Headline Pages PDF

16/10/2009
September Quarter Special Purpose Financial Report
19
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16/10/2009
Lodgement of 2009 AGM Notice of Meeting and Proxy Form
26
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