Ukrainian iron ore miner Ferrexpo said it was cautious about its full-year performance due to weakness in iron ore prices and an uncertain situation in Ukraine, as it reported a 45% fall in its half-year core profit.
The Swiss-headquartered mining firm posted earnings before interest, taxes, depreciation and amortisation (EBITDA) of $176 million in the first half this year, down from $321 million in the same period last year, hit by a fall in iron ore prices.
“We remain cautious in the short to medium term, due to the potential for further iron ore price weakness and the fragile state of the Ukrainian economy”, non-executive chairman Michael Abrahams said in a statement. (https://uk.finance.yahoo.com/news/ukraines-ferrexpo-interim-earnings-hit-061618810.html/Ukrainian Metal)