IRON ore miner Fortescue Metals Group has reported a sharp fall in first half net profit despite an increase in revenue.
The company's net profit for the six months to December 31 was $US43 million ($48.24 million), down 94 per cent from $US760 million ($852.64 million) in the previous corresponding period.
Revenue was $US1.189 billion ($1.33 billion), up 17 per cent from $US1.015 billion ($1.14 billion).
Earnings before interest, tax, depreciation and amortisation was $US426 million ($477.16 million), down from $US479 million ($536.53 million) for the six months to December 2008.
During the first half of 2009/10, Fortescue shipped 18.61 million tonnes of iron ore, up from 13.16 million tonnes in the previous corresponding period.
Revenue per tonne shipped fell to $US57.22 ($64.17), compared to $US71.65 ($80.35) previously.
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Cash operating costs rose to $US27 ($A30.28) per tonne from $US23.48 ($26.33).
Cost of sales jumped to $US954 million ($A1.07 billion) from $US598.3 million ($A671.2 million) previously.
Fortescue said it retained a healthy cash position of $US706 million ($792.13 million) at the end of December.
Total liabilities rose to $US3.71 billion ($4.16 billion) from $US3.55 billion ($3.98 billion).
Fortescue shares were down 13 cents, or 2.62 per cent, at $4.83 at 13:43 AEDT.
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