Ferrexpo’s net profit reduced by half in H1

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 2012.
 
In the first half, Ferrexpo's net profit decreased by 50 percent to $145.6 million compared to the previous year. Revenues of the company reached $731 million, down 15 percent year on year, due to lower volumes and iron ore prices. In the given period, Ferrexpo's EBITDA decreased to $240 million, down 40 percent compared to the corresponding period of the previous year.
 
In the first half of the current year, Ferrexpo's capital expenditure increased by 83.5 percent to $222 million, compared to $121 million in the first six months of 2011. Ferrexpo has four major growth projects under way, all of which are progressing well. These projects will expand production to 12 million mt per year by early 2014.