SYDNEY, Aug 26, 2025 (BSS/AFP) - Australian iron ore mining giant Fortescue reported Tuesday a plunge in annual net profits at a time of slumping prices for the country's biggest export commodity.

The company, run by billionaire Andrew Forrest, said sales and profits fell despite record volumes of iron ore shipments in the year to June 30.

Revenue dropped 14.7 percent to US$15.5 billion in the year, it said, as average income per tonne for its hematite iron ore fell 18 percent.

Net profit dived 40.6 percent to US$3.4 billion.

Most of Australia's iron ore exports head to China to feed steel production, making the commodity's price highly sensitive to any slowdown in Chinese economic activity.

Australian mining group BHP last week said it, too, was hit by falling iron ore prices but it still managed to lift yearly profits helped by China's appetite for copper.

Despite the drop in sales and profit, Fortescue's metals and operations chief Dino Otranto said it had delivered "another strong set of results", citing record iron ore shipments and low costs.