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 net profit decreased by 14.3 percent to $126 million compared to the same period of the previous year. Sales revenues of the company totaled $775 million, up six percent year on year, underpinned by strong sales demand offsetting lower market pricing. In the first six months, Ferrexpo's EBITDA decreased to $244 million, increasing by one percent compared to the corresponding period of the previous year.
Ferrexpo stated that it is on track to complete its $647 million investment program to increase the quantity of its pellet output by almost one third to 12 million mt per annum in 2014, and to increase the average quality of its pellets from 63 percent Fe to 65 percent Fe in 2015.