According to the rating of Ferrexpo in 2018, reduced the profit by 15%
11:26 Today, the Telegraph Interfax-Ukraine Business news: Mining company Ferrexpo with assets in Ukraine by the end of 2018 received a $335,22 million in net profit, which is 15% lower than in 2017.
According to the annual report published by the company on the London stock exchange on Tuesday, its revenue last year increased by 6.4% to $1274,03 million while lower sales volumes of pellets 2.3% to 10,227 million tons and production increase by 1.6% to 10,607 million tons.
Gross profit Ferrexpo in 2018 decreased by 2.5% to $766,09 million, EBITDA of 8.7%, to $502,88 million, and operating – by 12.7% to $427,58 million
Among the major achievements of the company also specifies the reduction in net debt by 14% to $339 million by increasing the capital investment by 31.1% to $135 million
“We continued to benefit from high global demand for our high-quality iron ore pellets, which helped to ensure strong cash flow, despite rising costs. This allowed us to increase investment, to further reduce debt and pay out record dividends”, – summed the report up the year the head of the Board of Directors Steve Lucas (Steve Lucas).
Ferrexpo shares are falling rapidly because of the news about the Bank “Finance and Credit”
According to him, the good financial position of the company at present creates a platform for the transition to the next phase of planned expansion. “This year we plan again to increase investment, to 2021 to achieve our medium-term goals for the production of 12 million tons per year, and lay the Foundation for our long-term intention to move to annual production of 20 million tons per year”, – said S. Lucas.
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