Billionaire Rinehart’s iron ore firm posts $1.3 billion profit
The iron ore division of Gina Rinehart’s Hancock Prospecting Pty Ltd. posted net profit after tax of A$1.79 billion ($1.3 billion) for the last financial year.
Hancock Iron Ore shipped 71.5 million tons of the metal in the year ended June 30, against a backdrop of lower global prices, it said Friday in a statement. It was the company’s first full year after Hancock merged its Roy Hill and Atlas Iron units.
Iron ore prices have sunk to the lowest in more than two years on a weaker demand outlook and rising supply through year-end. A recovery in prices is “nowhere in sight,” according to BMI, a unit of Fitch Solutions.
Rinehart is Australia’s richest person, but has seen her net worth slip 16% this year to $31.3 billion, according to data compiled by Bloomberg.
(By Keira Wright)
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