FXPO Ferrexpo Plc

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; Razak.baba@dowjones.com

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