Ferrexpo profit dented by rising costs and falling iron ore prices

City A.M. Reporter
UKRAINIAN iron ore producer Ferrexpo said yesterday its core profit fell 40 per cent in the first half, hurt by a rise in the cost of extracting the metal and lower global iron ore prices.

Ferrexpo said higher energy costs and domestic inflation in Ukraine pushed up the cost of extracting each tonne by 25 per cent in the first half of this year compared to the same period in 2011. The company posted earnings before interest, taxes, depreciation, and amortisation of $240m (£152m) for the six months to 30 June.