Singapore's Fortress Minerals Q2 revenue jumps on higher iron ore volumes

By Reuters News


Overview

  • Singapore iron ore miner's Q2 revenue rose 22% yr/yr

  • Profit for Q2 increased 78% yr/yr

  • Q2 earnings per share rose 82% yr/yr


Outlook

  • Company did not provide specific financial guidance for current or future quarters in the press release


Result Drivers

  • HIGHER IRON ORE VOLUMES – Revenue growth was supported by a 13.5% yr/yr rise in sales volume to 215,772 DMT, driven by higher local and export sales

  • HIGH-GRADE ORE MIX – Average realised selling price rose 8.5% yr/yr to $93.69/DMT due to a higher proportion of high-grade iron ore sales

  • SCALE-DRIVEN COST EFFICIENCY – Unit cost of sales fell 9.2% yr/yr to $32.42/WMT, mainly as higher production volumes generated economies-of-scale savings


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q2 Revenue

$20.2 mln


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For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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