{"id":2013876,"date":"2023-08-27T23:12:02","date_gmt":"2023-08-28T03:12:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fortescue-profit-drops-on-iron-bridge-impairment-charge-co-ceo-to-step-down\/"},"modified":"2023-08-27T23:15:19","modified_gmt":"2023-08-28T03:15:19","slug":"fortescue-profit-drops-on-iron-bridge-impairment-charge-co-ceo-to-step-down","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fortescue-profit-drops-on-iron-bridge-impairment-charge-co-ceo-to-step-down\/","title":{"rendered":"Fortescue&#8217;s profit declines due to Iron Bridge impairment charge; co-CEO to resign."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ffortescue-profit-drops-on-iron-bridge-impairment-charge-co-ceo-to-step-down%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2013876&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<h2>Fortescue\u2064 Reports $1 Billion Impairment Charge and Senior Management Overhaul<\/h2>\n<p>By Roushni Nair and Melanie Burton<\/p>\n<p>(Reuters) \u2064-Australia\u2019s Fortescue on Monday reported\u2064 a $1 billion\u2062 pre-tax impairment charge associated with its flagship \u2062magnetite growth project, while posting its lowest annual \u2064profit in three years\u200d amid a surprise senior-management overhaul.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>The world\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fortescue-profit-drops-on-iron-bridge-impairment-charge-co-ceo-to-step-down\/\" title=\"Fortescue's profit declines due to Iron Bridge impairment charge; co-CEO to resign.\">fourth-largest iron\u2063 ore miner<\/a>, which has\u200c been \u2063beset by senior management turnover \u200bover the past two years, earlier in \u200dthe day announced the resignation of its metals division head and co-CEO Fiona Hick. <\/p>\n<p>Fortescue shares, \u200bup nearly 2.1% so far this\u2062 year,\u200d fell as much as\u200c 6% to A$19.7 by 0200 GMT.<\/p>\n<p>A review of\u200b its assets at the company\u2019s \u200cIron Bridge project resulted in a pre-tax impairment charge\u200d of\u200d $1 billion.    \u2063  \u2062       <\/p>\n<p>The company said <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-jokes-about-getting-impeached-over-falling-inflation\/\" title=\"Biden jests about impeachment due to declining inflation.\">rising interest \u200crates<\/a> and industry-wide inflation \u2063had \u2063fuelled the asset write-down at its Iron Bridge project, a major plank in \u2063the group\u2019s growth strategy.<\/p>\n<p>Fortescue raised its operating expenditure kept aside for Iron Bridge by\u2062 $100 million to $4.0 billion, stating that the ramp-up to full\u2063 production\u2063 capacity of 22 million metric tons per annum would occur over the \u2062course of two years. \u200b <\/p>\n<p>The\u200b underlying net profit after tax for the year ended \u2062June 30 was $4.80 billion, down from $6.20 billion reported in \u200b2022, and significantly missing\u200c a Refinitiv estimate of\u200c $5.64 \u2062billion.<\/p>\n<p>Separately, the company said it would stop allocating 10% of\u2063 its net profit to fund its green \u200cpower \u2063arm Fortescue Future Industries (FFI), adding, all \u200dprojects and investments \u2062would be assessed under \u2062Fortescue\u2019s capital allocation framework. <\/p>\n<p>Fortescue Energy is targeting final investment decisions for \u2063five major projects that\u200b form a part of its Advanced Green\u200b Hydrogen pipeline, including Gibson\u200c Island, Australia and Phoenix Hydrogen Hub, U.S., as early \u200das this year, the company \u2064added. <\/p>\n<p>It declared \u200da final dividend of A$1.00 per\u200c share, slightly below last year\u2019s\u2062 A$1.21 \u2062per share.<\/p>\n<p>Total\u200b dividends declared for fiscal\u2062 2023 represent a payout ratio of 65% of underlying NPAT, down 13% from fiscal 2022. \u200d  <\/p>\n<p>  (Reporting by Echha Jain and Roushni Nair in Bengaluru; Editing\u2062 by Rashmi Aich)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/fortescue-profit-drops-on\/attachment\/file-photo-worker-walks-near-conveyer-belts-loaded-with-iron\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Hollywood Mourns the Loss of Game-Show Icon Bob Barker<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Week In Review: Major Headlines in the U.S. \u200dand Around the\u2063 World<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Black\u2062 Diversity Equity \u200dInclusion\u200b Director \u2064Fired \u200dfor Asking Questions<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Hearing \u200cSet for \u200cTrial Date in Former President Trump&#8217;s D.C. Case<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Ericsson Predicts $1 Billion \u2063Income \u200cfrom Intellectual \u2064Property Rights\u2063 Licensing<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>New Reporting Requirements \u200cfor Cryptocurrency Brokers<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>India \u200cWorking on New Electric Vehicle Policy<\/h3>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Australia&#8217;s Fortescue reported a $1 billion pre-tax impairment charge for its magnetite growth project, along with its lowest annual profit in three years. The company also experienced a surprise senior-management overhaul. Despite being the fourth-largest iron ore miner globally, Fortescue has faced challenges with turnover in its senior management team.<\/p>\n","protected":false},"author":66,"featured_media":2013877,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2013876","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2013876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2013876"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2013876\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2013877"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2013876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2013876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2013876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}