Ferrexpo posts six-fold rise in net profit in 2016
Iron ore pellets producer Ferrexpo with key assets in Ukraine saw a six-fold rise in net profit in 2016, to $189.2 million.
According to a company report on the London Stock Exchange (LSE), its revenue last year grew by 2.6%, to $986.33 million.
Ferrexpo saw a 14% rise in gross profit, to $585.99 million, a 27.6% rise in operating profit, to $320.46 million and a 20% rise in earnings before taxes, depreciation and amortization (EBITDA), to $375 million.
The company said that net debt narrowed by 32%, to $589 million and the cash balance grew by over four times, to $145 million.
Capital investment last year dropped by 25%, to $48 million.
Pellet production in 2016 fell by 4%, to 11.2 million tonnes, while sales grew by 3%, to 11.697 million tonnes.
