Swiss-headquartered iron ore miner Ferrexpo, whose main interests are in Ukrainian iron ore assets, has announced its financial results for 2018.
In the given period, Ferrexpo recorded a net profit of $335 million, falling by 15 percent compared to the same period of the previous year. Sales revenues of the company totaled $1.27 billion, up 6.4 percent year on year, principally reflecting higher pellet premiums and freight rates and lower sales volumes. The company's sales volumes decreased by 2.3 percent to 10.23 million mt, while its EBITDA amounted to $503 million, declining by 8.7 percent, both compared to 2017.
Ferrexpo said that in 2019 it will continue its repairs and maintenance program, which will include a 75-day pellet line shutdown in the second half of 2019. Overall, 2019 production volumes are expected to be in line with 2018 at approximately 10.6 million mt.