Ferrexpo, a top five supplier of iron ore pellets with assets in Ukraine, saw a 30.3% decline in net profit in 2014, to $183.84 million, the company said in an annual report, published by the London Stock Exchange on Wednesday.

With exchange differences on translating foreign operations estimated at $1.206 billion, the company's total comprehensive loss in 2014 was $940.69 million against $263.68 million in total comprehensive income in 2013, according to the report.

"Total revenue for the period decreased by 12% to $1.388 billion compared to $1.581 billion in 2013. This reflected a 28% reduction in the average China CFR Platt's 62% Fe fines price," the report reads.

Ferrexpo's gross profit fell by 8.4% in 2014, to $740.33 million, while EBITDA decreased by 2%, to $496 million.

Operating profit from continuing operations before adjusted items grew by 1.8%, to $408.62 million due to a reduction in administrative expenses.

Ferrexpo's net financial indebtedness rose by 6%, to $678.118 million amid a 15% reduction in capital investment to $235 million.

The company boosted own ore production by 2% in 2014 from 2013, to 10.670 million tonnes, the output of pellets produced from purchased concentrate increased by 1%, to 350,860 tonnes. Total pellet production in 2014 was 1.9% up on 2013, to 11.021 million tonnes.

"The company's operations in Ukraine are remote from the current conflict area. The current year has started well both in production and sales. In January 2015, Ferrexpo produced a record one million tonnes of pellets, while in February all of the group's output was in the form of premium 65% Fe pellets, another record for the group. Sales volumes continue to be at or above base contract levels. Ukraine, however, has a weak banking and financial system and the overall situation in the country, remains uncertain and subject to change," Ferrexpo said in an official statement on its website.

The London-listed Ferrexpo plc owns 100% of Ferrexpo AG, which owns 97.34% of Poltava Mining and 100% of Yeristovo Mining. Ferrexpo's shares are traded on the London Stock Exchange's main section.

Ferrexpo is the FSU's biggest iron ore pellet producer and exporter. The company's main consumers are steelmakers in Austria, Serbia, Slovakia, the Czech Republic, Germany and other European countries, as well as China, India, Japan and other Asian countries. The company does not sell pellets or concentrate in Ukraine.