Swiss-headquartered iron ore miner Ferrexpo, whose main interests are in Ukrainian iron ore assets, has announced its financial results for the first half of the current year.
In the given period, Ferrexpo's profit before tax decreased 36 percent to $92 million compared to the same period of the previous year. Sales revenues of the company totaled $457.9 million, down 11 percent year on year, reflecting a lower iron ore price index which fell on average by 14 percent compared to the same period in 2015. In the first six months, Ferrexpo's EBITDA decreased to $160 million, down nine percent compared to the corresponding period of the previous year.
In the first six months of this year, Ferrexpo's iron ore pellet production increased by four percent to 5.7 million mt, while its sales volume amounted to six million mt, up six percent, both year on year.
Ferrexpo stated that during the first half of this year it improved the quality of its pellet output, increased sales volumes to record levels and significantly reduced its cost base. In addition, cash generated from operating activities was $142 million for the period, up 61 percent compared to the first half of 2015, which allowed the company to repay $120 million of debt amortization in the first half of the current year.