Ferrexpo's Poltava Mining reduces net loss by 40% in 2023

MOSCOW. June 19 (Interfax) - Poltava Mining, the main asset of Ferrexpo plc, an iron ore producer with operations in Ukraine, closed 2023 with a net loss of UAH5.44 billion, about 40% less than a year earlier.

Poltava Mining's revenue fell 33.1% to UAH15.066 billion, Ukrainian media reported, citing the company's annual report. The pretax loss decreased by a third to UAH5.25 billion.

Poltava Mining's retained earnings totalled UAH20.17 billion at the end of 2023.

Ferrexpo, which is controlled by businessman Konstantin Zhevago, owns 100% of iron ore miners Ferrexpo Poltava Mining and Ferrexpo Yeristovo Mining, as well as 99.9% of Ferrexpo Belanovo Mining.

The official exchange rate was UAH40.65/$1 on June 18.