Global Ferronickel profit surges 75% to P779.9M

Global Ferronickel profit surges 75%



MANILA -- Listed nickel producer Global Ferronickel Holdings, Inc. (FNI) on Wednesday said its profit reached PHP779.9 million in the first nine months this year compared to measly PHP7 million last year, on the back of higher volumes and prices.

FNI told the local bourse of its revenues from January to September this year rose 72 percent to PHP4.65 billion from PHP2.7 billion during the same period last year.

Shipped volume rose 43 percent in the first three quarters to 4.9 million wet metric tons (WMT).

Average realized price climbed to USD18.77 per WMT, as more medium-grade ore were sold which command higher market prices.

“Such brisk growth reflects good progress on our previously announced productivity initiatives which drove higher shipped volume. We also benefited from improved selling prices, better product mix, and favorable foreign exchange rate,” said FNI President Atty. Dante Bravo.

Bravo said the company had been implementing a mineral exploration program and share buybacks.

FNI earlier announced the completion of its exploration drilling activities at Cagdianao (CAGA) deposit areas 2 and 3 in Cagdianao, Dinagat Islands, Surigao del Norte.

“We are also positive on long-term prospects for new energy vehicles which saw double-digit sales growth year-to-date. With only a few days left before we close the mining season, I'm confident that we'll finish the year strong and we’ll continue to invest in opportunities we see ahead for 2018 and beyond,” he added. (PNA)