In January-June Ferrexpo decreased its net profits by 33% YoY, to $77.77 million.
According to the company statement, its revenues were down by 10.5% YoY, to $457.92 million, mostly due to the pellets price fall by 14%. Net profit dropped by 3.7%, to $265.77 million, with EBITDA down by 9%, to $160 million. Sales increased by 6% YoY, to 6.01 million tons, while manufacturing expenses decreased by 23%, to $25.7 per ton (because of the UAH devaluation, low oil prices and the operational effectiveness increase).
Despite the profit of $2 million from the currency exchange rate differences, the profits fell by 6.8% YoY, to $132.75 million.
As of June 30, Ferrexpo net debts decreased by $753 million from $868 million on December 31, 2015. In June the company cleared $105 million of $420 million pre-export financing and returned $15 million to Export Credit Agency. In July-December Ferrexpo still has to clear some $76 million worth of debts. (Ukrainian metal)