AAP reported that Fortescue Metals Group Ltd has reported another loss in first half earnings, while reaffirming that the first iron ore shipment from its flagship Pilbara project in Western Australia is on schedule for mid May.

As per report Fortescue made a net loss of AUS 975.13 million for the half year ended December 2007 which was greater than the loss of AUD 177.64 million reported in the previous corresponding period. As it is not yet producing iron ore, the company did not have any revenue in the half year.

At year end, the company had total liabilities of AUD 414.96 million, including borrowings of AUD 289.98 million. It spent AUD 1.244 billion on operating activities, largely for project development and the purchase of plant and equipment, and assets under construction.

Fortescue said its primary focus over the past six months has been on progressing the project through the construction phase and into operations. At the end of calendar 2007, the overall project was 82% complete, using a value of work measurement.

FMG expects that it will increase annual production volumes from its Cloudbreak and Christmas Creek deposits up to 110 million tonnes per annum starting at 45 million tonnes per annum.