Business
Disclosure of First Quarter R
Disclosure of First Quarter R.
About this update from Ferrexpo Plc
[{"type":"text","content":"\n RNS Number : 4705O Ferrexpo PLC 30 June 2010 \n \n\n \n \n30 June 2010\nFerrexpo plc\n(\"Ferrexpo\" or the \"Group\" or the \"Company\")\n \nDisclosure of First Quarter Results\nFerrexpo is releasing its results as at and for the three months ended 31 March 2010. Shareholders should note that Ferrexpo has no current plans to release quarterly results with respect to any future periods. \nFinancial Highlights\n· Revenue up by 34% to US$188.9 million\n· EBITDA up by 30% to US$46.0 million\n· Underlying profit for the period up by 28% to US$26.2 million\n· Exceptional write down on VAT receivable of US$15.0 million\n· Reported profit for the period down by 46% to US$11.6 million \n· Underlying diluted earnings per share up 28% to 4.47 US cents\n· Reported diluted earnings per share down 47% to 1.96 US cents \nOperating Highlights\n· Material improvement in demand for our pellets\n· Production up by 24% to 2.3 million tonnes of pellets \n· Production of 65% iron content pellets and 62% iron content pellets each accounted for approximately 50% of output\n· Average C1 cash cost of US$38.48/tonne \n· Prices were in-line with the agreed 2009/10 Benchmark price\n· Geographical sales mix normalised - 65% Traditional markets\n· Over 90% of sales volume based on long term framework contracts\n \nOutlook\n· Iron ore demand has recovered from its 2009 lows, suggesting that iron ore pellet prices should remain well above 2009 levels for the remainder of 2010. For the April to June 2010 quarter, Ferrexpo has already or expects to secure significant average DAF/FOB price increases in line with international pricing for all of its production.\n· Due to the improved pricing environment and through continued effective management of the cost base the Board expects the Group to realise a strong financial performance for the remainder of the year...