GLOBAL Ferronickel Holdings Inc. on Thursday said that consolidated net income for the first half had doubled to P1.23 billion, from P617.0 million a year earlier, on higher nickel ore prices and increased volume sales.
In a disclosure, the company said attributable net income rose to P1.24 billion from P622.1 million previously.“This substantial improvement in the first-half performance was primarily driven by higher revenues, resulting from increased nickel ore prices and higher sales volume during the current period,” Global Ferronickel said.Total revenues increased to P4.82 billion from P3.28 billion, driven mainly by mining operations and other services.For the second quarter alone, mining operations generated export revenues of P3.17 billion, up from P2.07 billion last year, while the total for the first six months rose to P4.81 billion from P3.28 billion.The company said higher nickel ore prices in the period were supported by tighter ore supply conditions amid quota restrictions in Indonesia and periodic cost increases amid continued geopolitical tensions in the Middle East.Global Ferronickel said its Surigao mining operations generated export revenues of P1.43 billion in the first half, up from P1.19 billion in the prior year, while its Palawan mining operations generated export revenues of P3.38 billion, up from P2.09 billion.Total costs and expenses in the period — including cost of sales, excise taxes and royalties, general and administrative expenses, and shipping and distribution expenses — rose to P3.42 billion from P2.52 billion a year earlier.On Thursday, the company’s shares shed P0.01, or 0.46 percent, to close at P2.15 each.
