Zhevago's Ferrexpo saw its net profit fall by 44%.

by Editor • 06.08.2015 • 0 Comments

Konstantin Zhevago

Konstantin Zhevago

MP Zhevago's Ferrexpo AG saw its profits fall 44% in the first half of 2015 compared to the same period last year. This year, the Swiss company's net profit was only $116,15 million, according to EP, citing a press release from Zhevago's company.

Sales volumes for the first half of 2015 increased by 3% to 5,68 million tons. Production, meanwhile, increased by 8% to 5,817 million tons. However, despite this growth, the company's profit decreased by 33% to $512 million. Consequently, the company's gross profit decreased by a third to $276,08 million, while operating profit fell by 47,9% to $142 million.

Ferrexpo AG is a Swiss iron ore company. Its largest shareholder is Ukrainian oligarch and MP Kostyantyn Zhevago, owner of Finance and Credit Bank.

His company is one of the largest producers and exporters of pellets to the CIS countries. Ferrexpo AG also supplies its products to steel mills in Slovakia, the Czech Republic, Austria, Serbia, and Germany, as well as to several Asian countries, such as India, Japan, and China.

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