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Fortress Minerals reports record 1Q earnings of US$7.2 mil

Samantha Chiew
Samantha Chiew7/14/2021 07:22 PM GMT+08  • 2 min read
Fortress Minerals reports record 1Q earnings of US$7.2 mil
Fortress Minerals records yet another record quarter.
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Fortress Minerals on July 14 announced that its 1QFY2022 ended May results, which saw earnings coming in at a record US$7.2 million ($9.8 million), some 233.6% higher than US$2.2 million the same period a year ago.

This came on the back of a 143.8% surge in revenue to US$17.3 million, due mainly to higher sales demand and higher average realised selling price of iron ore.

Sales volume continued to grow positively in 1QFY2022 with 120,665 DMT of iron ore sold, an increase of 61.6% compared to 1QFY2021, reflecting good demand from regional steel mills customers and reliable productivity performance achieved.

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