AFARAK Shares Slightly Down

on 15 May 2017

www.ferro-alloys.com:

www.ferro-alloys.com learned that the shares for Afarak fell to 11%, as the increased prices for ferrochrome and chrome ore were found not sustainable in the longer term. The spokesperson of the company said “We still aim high to improve performance in Q2, 2017”.  Afarak posted first-quarter EBITDA of €12.7m, from €3.3m in the same three-month period a year ago. Revenue was €56.7m, from €40.8m. Profit was €4.2m, from €0.2m.

C.E.O Afarak, Guy Konsbruck said, “We are looking forward to the market, as the volatility of the market remained a key risk and Afarak should not expect record performances on a quarterly basis.”Afarak has had a very strong start of the year," he added, further noting the particularly higher ferrochrome and ore prices."However, this bullish market has already started to dampen and prices have reversed trends towards the end of quarter one, going into the second quarter."

Reportedly Shares of Afarak were down at 11:57 BST, down by 10.81% to 82.5p each.

• [Editor:Zhao Xiaobo]