Ferrexpo profit up six-fold to USD189m in 2016

Ferrexpo (LSE: FXPO), a Swiss-headquartered iron ore producer with assets in Ukraine, has announced that its net profit grew to USD189m last year from USD31m in 2015. Gross revenue was up 14% to USD586m, and EBITDA was up 20% to USD375m. Net debt fell by 32% to USD589m, while capital investment was down 25% to USD48m. Ferrexpo has been benefitting from high ore prices. At the same time, it has been little affected by war in East Ukraine, as its industrial base is located outside the war zone. Last month, both S&P and Fitch upgraded Ferrexpo to B- from CCC.

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