Ferrexpo sees 77.6% rise in net profit in H1

12:02, 02.08.2019 1 min read

Ferrexpo mining company with assets in Ukraine in H1 2019 reported $270.35 million in net profit, which is 77.6% higher than the same period in 2018.

According to the financial statements posted by the company on the website of the London Stock Exchange (LSE), higher iron ore fines prices and an increase in sales volumes account for the increase.

Ferrexpo's revenue was 28% up and amounted $787 million, while EBIDTA increased 59% to $372 million.

"During the period we continued to benefit from strong pricing for our high-grade iron ore pellets, which helped deliver healthy cash flows. This enabled us to allocate capital to further reduce debt, increase organic investment in our assets to drive medium term growth and declare a record interim dividend to shareholders," Ferrexpo Non-Executive Chairman Steve Lucas said.