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Fortescue profits surge on higher irong-ore prices

Iron-ore major Fortescue Metals has more than tripled its net profit after tax for the half-year ending December, as revenue and underlying earnings before interest, tax, depreciation and amortization (Ebitda) increased.

Net profits after tax for the interim period increased by 283% from the $319-million reported at the end of December 2015, to $1.2-billion.