LONDON (dpa-AFX) - Ferrexpo Plc (FXPO), a producer and exporter of iron ore pellets, on Wednesday reported narrower loss in fiscal 2024, helped by higher revenues and sales volumes.
Looking ahead, the company said that the outlook for 2025 continues to be guided by China's macroeconomic and construction outlook. The company expects an increase in further iron ore supply, as the major suppliers grow their activities in Australia and Brazil, and new projects in West Africa begin production.
In full-year 2024, the company posted pre-tax loss of $20.42 million, compared to pre-tax loss of $68.40 million a year ago.
Loss for the year declined to $50.03 million from $84.75 million last year. On a per share basis, loss was 8.51 cents, compared to loss of 14.41 cents in the prior-year.
The 2024 results included an impairment charge of $72 million due to the reduction in the carrying value of the company assets and lower cash flow generation due to the Ukraine war.
The company's underlying EBITDA came in at $69 million, down 30 percent from last year's $99 million. This was mainly due to lower realised iron ore prices and higher prices for input material due to the ongoing war in Ukraine.
Annual revenue rose 43 percent to $933.26 million from $651.80 million in fiscal 2023. Revenues benefitted from higher sales volumes throughout the year.
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