The UK-based company Ferrexpo, whose main interests are in Ukrainian iron ore assets, has released its interim results for the six months ended June 30, 2008.
According to the report, during the period in question the revenue of Ferrexpo increased by 58 percent to $519 million, its profit rose by 288 percent to $158 million, its underlying earnings upped by 106 percent to $139 million, while its net cash from operating activities increased by 70 percent to $142 million, all compared with the same period last year.
The company's profit before interest, taxes, depreciation and amortization (EBITDA) saw an increase of 101 percent to $228 million year on year.
Commenting on the results, Ferrexpo's CEO Mike Oppenheimer stated, "We have delivered another strong set of results and we continue to make excellent progress with our growth projects. Looking forward, strong market outlook, tight cost control in the face of significant inflationary pressures and aggressive management of our growth projects will remain the characteristics of our business. We will continue to update the market on our plans to accelerate delivery of value from our strong reserve and resource base with our strategic partner program."