Ferrexpo plc, whose main asset is Ukrainian iron ore pellet producer Poltava Mining, saw its net profit fall by more than half in January-September 2012 to $191.198 million, from $445.45 million in the same period of 2011, the company said in a filing for the London Stock Exchange (LSE).
Net revenue fell 17.6% to $1.083 billion.
Earnings before taxes, depreciation and amortization (EBITDA) plummeted 46.3% to $328.8 million and profit before tax was down 57.1%, to $228.8 million.
Capex grew by 37%, to $323.8 million.
Average costs per tonne rose to $59.9, from $49.4 in the same period of 2011.
Ferrexpo reduced iron ore pellet production 1.4% year-on-year in January-September to 7.156 million tonnes as purchases of third-party concentrate declined.
The London-listed Ferrеxpo plc owns 100% of Ferrexpo AG, which owns 97.31% of Poltava Mining. Ferrexpo’s shares are traded on the London Stock Exchange’s AIM.
Ferrexpo has tapped Morgan Stanley and Credit Suisse as organizers of a series of meetings with investors in the United States and Europe, which could result in the placement of dollar-denominated eurobonds, a financial market source told Interfax-Ukraine. The road show kicks off January 31, 2013.
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 and other European countries, as well as China, India, Japan and other Asian countries.
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 and other European countries, as well as China, India, Japan and other Asian countries.
