Ferrexpo profits slump

5th Aug 2009 07:18

Ferrexpo saw profits slide 82% in the half of the year as commodity prices tumbled but the Ukrainian iron ore pellet producer said it was seeing signs of normalisation in the market with spot prices for iron ore increasing.It posted a pre-tax profit of £28.7m, compared with £157.7m over the same period the previous year as revenues slumped to $301.8bn from $519.5bn.The firm described the performance as 'resilient', given that it managed to stay profitable during such a difficult period. Chief executive Kostyantin Zhevago said the firm did this by increasing sales to China and India."The group is well positioned to continue to increase its market share not only in the Asian growth markets, but also in its traditional European markets," he said.