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Fortress Minerals reports slightly weaker FY22 results, full-year DPS of 0.8 cents

Lim Hui Jie
Lim Hui Jie4/27/2022 09:35 PM GMT+08  • 4 min read
Fortress Minerals reports slightly weaker FY22 results, full-year DPS of 0.8 cents
Fortress Minerals, despite weaker results, are optimistic on its prospects as iron ore prices remain elevated.
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Iron ore concentrate producer Fortress Minerals has reported a weaker set of results for FY2022 ended Feburary, with a 9.1% y-o-y drop in its revenue to $43.4 million ($59.6 million) and 21.2% y-o-y drop in its net profit after tax (NPAT) to US$14.3 million.

In its results release, the company explained that the lower sales were due to it being focused on overburden stripping and heavy maintenance work during its machinery downtime at its Bukit Besi mine.

This was also coupled with establishing operations at the Cermat Aman (CASB) mine, as it prepares for the commencement of operations in the 1QFY2023.

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