Ferrexpo sees lower sales revenue in January-September

Swiss-headquartered iron ore miner Ferrexpo, whose main interests are in Ukrainian iron ore assets, has announced its unaudited financial results for the first nine months of 2014.
 
In the given period, Ferrexpo's profit before tax decreased by 5.7 percent to $199 million compared to the same period of the previous year. Sales revenues of the company totaled $1.07 billion, down three percent year on year, due to the 23 percent decrease in the average benchmark iron ore price compared to the same period in 2013. The company's sales volumes increased by nine percent year on year to 8.3 million mt of pellets. In the first nine months, Ferrexpo's EBITDA increased to $404 million, rising by 16.8 percent compared to the corresponding period of the previous year.
 
According to Ferrexpo, in the fourth quarter last year, Ferrexpo's pellet production decreased by 144,000 mt year on year to 2.8 million mt as a result of power restrictions in Ukraine.