Australia’s Fortescue logs 5% drop in H1 profit as demand weakens

Fortescue Metals Group said on Wednesday its half-year profit fell 5 percent as higher prices and production were offset by weaker demand from China, its main market.

Net profit for the six months to Dec. 31 came in at $644 million, compared with $681 million a year ago, the world’s fourth largest iron ore miner said in a statement. The figure was higher than a UBS estimate of $543 million.