Ferrexpo Net Falls, Pays Special Dividend as New Mine Starts
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Ferrexpo Plc, the Ukrainian iron-ore producer, said 2012 profit dropped by more than half as lower demand from Asia weighed on prices while it recommended a special dividend after starting up a second mine.
Net income fell to $214.3 million from $567.8 million a year earlier, the Baar, Switzerland-based company said today in a statement. That missed the $231.3 million average estimate of 12 analysts surveyed by Bloomberg. Sales slid 20 percent to $1.42 billion. The company proposed a dividend of 3.3 cents a share and a special dividend of 6.6 cents a share.