Ferrexpo sees 57 percent fall in net profit for Jan-Sept 2012

Swiss-headquartered iron ore miner Ferrexpo, whose main interests are in Ukrainian iron ore assets, has announced its financial results for the first nine months ended September 30, 2012.
 
In the given period, Ferrexpo's net profit decreased by 57 percent to $191.2 million compared to the previous year. Revenues of the company totaled $1.08 billion, down 17.6 percent year on year, due to lower volumes and iron ore prices. In January-September 2012, Ferrexpo's EBITDA decreased to $328.8 million, down 46.3 percent compared to the corresponding period of the previous year.
 
In the first nine months of 2012, Ferrexpo's capital investment increased by 37 percent to $324 million, compared to $236 million in the corresponding period of 2011. Ferrexpo stated that its growth projects progressed as planned on budget and schedule.
 
Ferrexpo achieved first iron ore from its Yeristovo mine in July 2012 and expects commercial production to start in 2013. Additionally, the mining license for the Yeristovo mine has been renewed for 20 years until 2032.