Ferrexpo cut net profit by 7.6% in H1

The Ferrexpo Group reduced its net profit by 7.6% to $249.9 million in H1 compared to the same period of the previous year, according to the Group’s 2019 full year results.

Ferrexpo’s revenue in H1 decreased by 1.4% to $775.8 million. EBITDA fell by 5.4% to $352 million. Net cash flow from financial operations increased by 1% to $258 million.

The Group cut capital investment by 16% to $96 million against H1 2019. Net debt went down by 38% to $174 million.

Ferrexpo is a Swiss-based mining company with iron ore assets in Ukraine. It produces and exports high-quality iron ore pellets for steel production. The Ferrexpo Group is the largest producer and exporter of iron ore pellets among the countries of the former Soviet Union.

Its production assets include Poltava Mining and Yeristovo Mining (holding a 100% stake each).

In 2019, the Ferrexpo Group decreased iron ore pellet production by 0.8% to 10.5 million tons. Its pellet sales volume in 2019 amounted to around 10.3 million tons, up from 2018 (10.2 million tons).