NICKEL Asia Corp. posted a 26-percent decline in first-quarter (Q1) attributable net income to P371.77 million from P501.03 million a year earlier.
The mining firm, however, said its core earnings improved amid stronger nickel prices and growing renewable energy operations.
In a disclosure on Tuesday, Nickel Asia said earnings before interest, taxes, depreciation and amortization (Ebitda) fell to P1.35 billion from P1.55 billion in the same period last year.
Nickel Asia President and CEO Martin Antonio Zamora said the company remained optimistic for the rest of the year as mining operations ramp up in the second quarter.
“We have demonstrated notable resilience amid the macroeconomic turbulence stemming from the ongoing Middle East conflict,” Zamora noted.
“As our mining operations ramp up in the second quarter, we remain confident in a stronger performance for the year, supported by the current strength in nickel prices,” he added.
Nickel Asia said first-quarter 2025 results included a one-time gain of P800.49 million from the sale of its 15.625-percent stake in Coral Bay Nickel Corp.
Excluding the gain, it would have booked a net loss of P25.55 million in the comparable period last year.
Revenues from the sale of saprolite and limonite ore rose 3 percent to P2.42 billion from P2.36 billion, despite a 9-percent decline in ore sales volume to 2.27 million wet metric tons (WMT) from 2.48 million WMT.
The weighted average ore price increased 10 percent year on year to $18.03 per WMT from $16.40 per WMT, while the average exchange rate improved to P59.19 against the US dollar from P57.85 previously.
Saprolite ore exports, however, declined 15 percent to 0.56 million WMT, while limonite ore deliveries to the company’s affiliated high-pressure acid leach plants reached 1.71 million WMT.
Nickel Asia’s renewable energy subsidiary, Emerging Power Inc. (EPI), posted a 130-percent increase in Ebitda to P267 million as electricity generation surged 63 percent to 95,831 megawatt-hours.
Nickel Asia shares rose by 8 centavos to close at P5.20 apiece on Tuesday.
