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Ferrexpo enjoys lift in profits of £305.6m

By Daily Mail Reporter
Updated: 07:38 EDT, 24 March 2011

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Iron ore producer Ferrexpo increased profits more than fivefold, thanks to higher metal sales at much greater prices than in the previous year.

The Ukrainian firm (up 26.8p at 429.75p) delivered a £305.6m profit before tax, slightly ahead of expectations and a vast improvement on the £50m it delivered last year.

An 8% rise in sales volume, coupled with a surge in commodity prices, doubled revenues to £798m. The final dividend was unchanged at 2p a share.

Meanwhile, record production helped Kazakh mining group ENRC (up 40.5p to 939p) to double annual profits, triggering a dividend windfall for shareholders.

Pre-tax profit reached £1.8bn on the back of a 62% surge in underlying revenue to some £4bn, as demand for metals increased.

The firm handed shareholders a dividend worth 18.7p per share, more than double last year's payout.

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