FX.co ★ Ferrexpo Posts Loss In FY23; Revenue Down 48%

Ferrexpo, an international Company (FXPO.L), unveiled that the conglomerate experienced a $85 million loss for the fiscal year 2023. This significant loss emanates primarily from the allocation of $131 million for ongoing legal issues and disputes within Ukraine, as recorded on 31st December 2023. Neglecting the financial impact of these provisions, the fiscal performance of 2023 would have been a profitable one, with an earning of $46 million. This is in contrast to the previous year's profit of $220 million. The earnings per share, when calculated in U.S. cents, touched -14.41, as opposed to a profit of 37.35 in the preceding year. An impressive decrease by 83% was inevitably witnessed in the underlying EBITDA, dropping to $130 million, predominantly due to the reduced operational performance triggered by war-related disruptions and the dwindled operating foreign exchange gains in 2023, unlike in 2022.

Throughout the fiscal year, the Group's revenues took a downward turn by 48%, collapsing to $652 million in 2023. This considerable decline was mainly provoked by the limited access to export routes. The sale volumes too witnessed a reduction by 32%, amounting to 4.2 million tonnes in 2023.