It is the latest mining company to reward investors with higher returns, as commodities including iron ore have recovered on strong demand from resources-hungry China and after several years of companies working to rebuild balance sheets and reduce costs. "It's a natural progression for us," Fortescue Chief Executive Nev Power said in a phone interview with The Wall Street Journal. The company has focused in recent years on cutting a mountain of debt that had underpinned its rapid expansion to challenge bigger Australian rivals Rio Tinto PLC (RIO.AU) and BHP Billiton Ltd. (BHP.AU). As production costs continued to decline and cash flows increased over the last year with the strength in iron prices, Mr. Power said the company had an opportunity to lift returns. Net profit jumped to US$2.09 billion in the 12 months through June from US$984 million the year before, while revenue rose 19% to US$8.45 billion from US$7.08 billion, the Perth, Australia-based company said.