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 increased by 65.2 percent to $208 million compared to the same period of the previous year. Sales revenues of the company totaled $758.9 million, down two percent year on year, due to benchmark iron ore price which on average reduced by 18.7 percent, compared to the same period in 2013. The company's sales volumes increased by 3.3 percent year on year to 5.5 million mt and partially offset the price effect. In the first six months, Ferrexpo's EBITDA increased to $321.1 million, increasing by 31.6 percent compared to the corresponding period of the previous year.
According to Ferrexpo, in the first half of the current year, the company demonstrated a strong performance, despite a sharply lower iron ore price environment where the benchmark iron ore price index declined by 31 percent since the start of the year, while the Ferrexpo's country of operation, Ukraine, witnessed historic political change. The company stated that to date, Ferrexpo's operations have not been directly impacted by events in Ukraine.