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Ferrexpo H1 profit hit by rising costs, lower prices
August 21, 2012 / 6:32 AM / 5 years ago

Ferrexpo H1 profit hit by rising costs, lower prices

LONDON, Aug 21 (Reuters) - Ukrainian iron ore producer Ferrexpo said core profit fell 40 percent in the first half, hurt by higher costs and lower iron ore prices.

The company on Tuesday posted earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $240 million for the six months to June 30, broadly in line with a consensus forecast of $243 million from a company-supplied poll.

The cash cost of producing the metal came in at $60.4 per tonne in the period, topping last year’s average annual cost of $50.7 per tonne, primarily due to higher energy costs and inflation in Ukraine, while the average price Ferrexpo received for its iron was down 12 percent.

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