March 18, 2020 / 7:42 AM / 16 days ago

Ferrexpo delays dividend decision on virus uncertainty despite profit jump

(Reuters) - Ferrexpo (FXPO.L) on Wednesday delayed its decision to declare a final dividend due to the uncertainty caused by the coronavirus pandemic, even as the iron ore pellets producer posted a jump in annual core profit on higher realised prices.

The Switzerland-based company’s underlying earnings before interests tax, depreciation and amortization rose to $586 million in the year ended Dec. 31, from $503 million a year earlier.

“The board has deferred its decision on a final ordinary and/or special dividend to an appropriate time when the market situation and the effect of the COVID-19 virus has become clearer. At this point, the board intends to declare a dividend and will keep the market updated,” Ferrexpo said.

Reporting by Shanima A in Bengaluru; Editing by Aditya Soni

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