By Reuters Staff2 Min ReadSlideshow ( 2 photos )(Reuters) -Australian miner Fortescue Metals Group Ltd on Monday mentioned its annual revenue fell 40% as weaker iron ore costs because of cooling demand from high shopper China, escalating prices and labour shortages chipped away at its earnings.Annual revenue at Fortescue Metals Group, the world’s fourth-largest iron ore miner, took a success as iron ore costs are pressured because of persistent worries over demand from high metal producer China. Its margins had been additional crimped by rising prices and a labour shortages.As a end result, the Perth-based miner earned common income per dry metric tonne (dmt) of iron ore of $99.80 in the course of the yr, down from $135.32/dmt for the earlier yr, when the miner noticed file earnings.Also underpinning the drop in revenue was the scarcity of expert labour within the aftermath of the COVID-19 pandemic, which has raised personnel prices throughout Australia’s mining sector.Fortescue, which is about 37%-owned by billionaire Andrew Forrest, reported annual underlying web revenue after tax of $6.20 billion, down from a file $10.35 billion a yr in the past. It was largely in step with a Refinitiv estimate of $6.24 billion.The miner declared a ultimate dividend of A$1.21 per share, down from A$2.11 apiece declared final yr.The bleak earnings report comes weeks after rival Rio Tinto’s earnings and dividend additionally suffered a blow from iron ore costs retreating from 2021 highs because of worries that demand from high shopper China will decelerate.Reporting by Sameer Manekar and Harshita Swaminathan in Bengaluru; Editing by Tom Hogue and Sandra MalerOur Standards: The Thomson Reuters Trust Principles.