Fortescue profit slumps on weak iron ore prices

Fortescue Metals CEO Dino Otranto was upbeat about the first-half results despite the slump. (Bianca De Marchi/AAP PHOTOS)

Fortescue has posted a weaker first-half profit despite record-high shipments, as softer demand from China weighs on iron ore prices.

The mining giant posted a net profit after tax (NPAT) of US$1.6 billion ($A2.5 billion) for the six months to December 31, down more than 50 per cent from US$3.3 billion in 2023.