SYDNEY, Aug 22 (Reuters) - Australia's Fortescue Metals Group Ltd FMG.AX , the world No. 4 iron ore producer, said on Monday it tripled its annual net profit, benefitting from lower production costs and stronger iron ore prices.
Fortescue's annual profit for the year to end-June came in at $985 million, versus $317 million the previous year, putting it in a position to further pay down debt amassed over the last decade as it grew into the world's fourth-biggest iron ore producer.