Swiss-headquartered iron ore miner Ferrexpo, whose main interests are in Ukrainian iron ore assets, has announced its financial results for the full year of 2016.
In the given year, Ferrexpo recorded a net profit of $189.2 million compared to a net profit of $31.45 million recorded in the previous year. Sales revenues of the company totaled $986.32 million, up 2.63 percent year on year. The company's sales volumes increased by three percent to 11.69 million mt, reflecting higher sales to Western Europe and North East Asia, while its EBITDA amounted to $375 million, increasing by 20 percent, both compared to 2015.
According to Ferrexpo, in very challenging market conditions, where the iron ore price traded at eight year lows, it was able to increase its net cash flows from operations by over 1.5 times compared to 2015 to $332 million allowing it to significantly reduce its financial leverage and strengthen its balance sheet.