First half losses piled up at ferrochrome producer International Ferro as a combination of lower ferrochrome prices and a stronger Rand outweighed higher volumes.Revenues fell 14% to R452m for the six months to December 2009, though this was up 77% on the previous six months.There was a loss before tax of R145m in the December 2009 half, compared to a R27m loss in the December 2008 half. Losses in the previous six months were R429m. There is no interim dividend.Sales volumes increased to 71kt, up 35% on the June 2009 half, while production volumes increased by 4% to 95kt."With both our furnaces operating at full capacity for most of the half year under review, we were able to increase sales volumes by 35% albeit at a lower ferrochrome price and in a stronger Rand environment. Our Rand denominated costs have now stabilised and we are continuing to manage our inventory and look for further opportunities to increase our margins and production volumes," chief executive David Kovarsky said.
