FMG Seem to agree with Todd that there is a future for I/O. “I...

FMG Seem to agree with Todd that there is a future for I/O.
“I (FMS , SH) have an appetite for better price”
What a horrible thing to say????
Good luck guys.
Vote No and get a better deal.


Fortescue boss Andrew Forrest gets $20 million payday despite 88 per cent profit slide

Date
August 24, 2015 - 10:06AM

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Peter Ker

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Fortescue chairman Andrew Forrest remains confident in the company he founded. Photo: Louie Douvis
Fortescue Metals Group has continued paying dividends despite slumping iron ore prices and a huge debt challenge, in a move that has made its chairman Andrew Forrest about $20 million richer.
But the final dividend of $A0.02 is five times smaller than last year and comes after Fortescue posted a weaker than expected net profit after tax of $US317 million for the 2015 financial year.
The result is 88 per cent below last year's $US2.73 billion profit, and is the iron ore miner's weakest profit since 2008
Analysts had expected Fortescue to post full year net profits after tax of $US418 million, and a dividend of $A0.04.
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Fortescue also paid a $A0.03 interim dividend in February, which was worth about $30 million to Mr Forrest.
Previous dividend payments have raised eyebrows given the miner still has $US7.2 billion of net debt to pay down.
In a statement to the ASX, Fortescue defended the decision to continue paying dividends, describing the payment as "modest".
"This modest dividend demonstrates Fortescue's confidence in the long term market for iron ore and ability to drive down costs to improve its position on the global cost curve," said the company.
Shares in the iron ore miner have instantly fallen in early trading on Monday, and were 14 cents lower at $1.775
Iron ore prices fell by about 40 per cent over the year to June 30, and the benchmark price for the bulk commodity was last measured at $US56.10 per tonne.
The volatility in iron ore prices have helped make Fortescue shares the most traded stock on the entire ASX in the first half of 2015.
Fortescue chief executive Nev Power will address investors shortly, and the market will be keen for an update on potential asset sales by the miner.
In a hint at those asset sales, Mr Forrest said on Monday that Fortescue's assets were "worth in the tens of billions".
In a statement published on the ASX, Mr Power said Fortescue would continue improving despite having reached its export growth target.
"In a challenging environment of lower iron ore prices, this focus on efficiency and productivity from our world class assets will continue to see operational improvements and cost reductions," he said.
Fortescue does not need to make a debt repayment until June 2019.

Read more: http://www.smh.com.au/business/mining-and-resources/fortescue-boss-andrew-forrest-gets-20-million-payday-despite-88-per-cent-profit-slide-20150823-gj5ytf.html#ixzz3jgfqNtth
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