LISTED mining firm Nickel Asia Corp. posted a 12% increase in its nine-month attributable net income to P6.90 billion on the back of higher ore prices.
In a stock exchange disclosure on Thursday, the mining firm said revenues increased by 2% to P21.51 billion from P21.03 billion due to favorable exchange rates and higher nickel ore prices. Earnings before interest, tax, depreciation and amortization reached P11.10 billion, slightly higher than P11.01 billion last year.
“The drop in sales volume was almost in direct proportion to unrealized workable days caused by unfavorable weather that adversely affected the company’s mining operations during the period,” Nickel Asia said. Broken down, Nickel Asia exported 6.68 million WMT of saprolite and limonite ore at an average price of $38.87 per WMT for the period, lower than the 8.72 million WMT at $38.88 per WMT last year.
Separately, Nickel Asia’s renewable energy unit Emerging Power, Inc. posted a 60% improvement in revenues to P393.67 million, while its EBITDA also climbed by 51% to P239.50 million. “JSI logged a net income of P72.83 million, allowing EPI to trim its losses to P133 million from the same period last year, a 53% reduction thanks to higher economies of scale and improved market conditions,” Nickel Asia said.
The venture, with equity ownership of 60% EPI and 40% Shell via a newly formed company Greenlight Renewables Holdings, Inc., targets to have an aggregate operating capacity of 1,000 MW by 2028.
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