NEW! Investment Companies Centre

Ferrexpo sparkles

Related Companies

Related Indices

Related Sectors

News for Spread Betters

PreviousPrevious
NextNext

There's a new Investor Edition of CMC Markets' spread betting platform... and it's exclusive to DigitalLook.com users...

Get full details about Marketmaker:Investor Edition here. Advertisement

Date: Thursday 28 Aug 2008

LONDON (ShareCast) - Iron ore pellet producer Ferrexpo had a sparkling first half, with revenue and earnings sharply higher.

The Swiss headquartered company, which operates in the Ukraine, hailed its “strong contract pricing outcomes and the continuing positive impact of the Business Improvement Programme on operating efficiency” as revenues grew 58% to $519.5m in the first half of 2008 from $327.9m a year earlier.

Earnings before interest, tax, depreciation and amortisation (EBITDA) doubled to $228m from $113.3m, despite significant inflationary pressures. Group pre-tax profit soared to $201.4m from $54.5m.

Demand for iron ore pellets remains vibrant, despite record benchmark price settlements in the first half of the year. This has helped offset the effects of raging inflation in Ukraine and sharp rises in the price of many commodities.

“Favourable iron ore market conditions are expected to continue for at least the next eighteen months and potentially far beyond, driven by China and the developing countries of Asia and Europe,” said Michael Abrahams, chairman of Ferrexpo.

The board has proposed an interim dividend of 3.2 cents and indicated that the full year dividend will be “split approximately equally between the interim and final dividend.”

Digital Look have been voted
"Best Research and Information Provider"

4th Floor, Bankside House, 107 Leadenhall Street, London EC3A 4AF.
Registered in England and Wales (registered no. 3678570).