Ferrexpo 1Q Pretax Profit $16.06M Vs $24.33M

30th Jun 2010 10:19

LONDON (Dow Jones)--Ferrexpo PLC (FXPO.LN), a mining company said Wednesday that it made pretax profit of $16.06 million for first quarter ended March 31, compared with $24.33 million, and said it expects the group to realize a strong financial performance for the remainder of the year compared with 2009 levels. MAIN FACTS: -Revenue up by 34% to $188.9 million versus $141.32 million -EBITDA up by 30% to $46.0 million -Adjusted profit for the period up by 28% to $26.2 million -Exceptional write down on VAT receivable of $15.0 million -Reported profit for the period down by 46% to $11.6 million -Adjusted diluted earnings per share up 28% to 4.47 cents -Diluted earnings per share down 47% to 1.96 cents -Production up by 24% to 2.3 million tonnes of pellets -Production of 65% iron content pellets and 62% iron content pellets each accounted for 50% of output -Average C1 cash cost of $38.48/tonne -Prices were in-line with the agreed 2009/10 Benchmark price -Ferrexpo has already or expects to secure significant average DAF/FOB price increases in line with international pricing for all of its production. -Shares at 0915 GMT up 0.50 pence, or 0.19%, at 257.80 pence valuing the company at 1517.47. -By Razak Musah Baba, Dow Jones Newswires; 44-20-7842-9275; [email protected] Order free Annual Report for Ferrexpo plc Visit http://djnweurope.ar.wilink.com/?ticker=GB00B1XH2C03 or call +44 (0)208 391 6028 (END) Dow Jones Newswires June 30, 2010 05:19 ET (09:19 GMT)