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Ferrexpo announces Unaudited Financial Results for 30 June 20191

Mining News - Published on Tue, 06 Aug 2019

Image Source: SteelGuru
Ferrexpo plc announced its unaudited financial results for the six months ended 30 June 2019. Mr Steve Lucas, Non-Executive Chairman, said that “I am pleased to report half-year EBITDA of US$372 million, up almost 60% compared to 1H 2018, and a profit after tax of US$270 million, up 78% compared to 1H 2018. During the period we continued to benefit from strong pricing for our high-grade iron ore pellets, which helped deliver healthy cash flows. This enabled us to allocate capital to further reduce debt, increase organic investment in our assets to drive medium term growth and declare a record interim dividend to shareholders.”

Financial Highlights
Revenue up 28% to US$787 million due to higher iron ore fines prices and an increase in sales volumes
Underlying EBITDA A up 59% to US$372 million (1H 2018: US$234 million)
Profit after tax up 78% to US$270 million
Declared interim ordinary dividend up 100% to 6.6 US cents (1H 2018: 3.3 US cents)
Net debt reduced to US$282 million (31 December 2018: US$339 million)2
Capital investment doubled to US$114 million

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Posted By : Sanju Moirangthem on Tue, 06 Aug 2019
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