Oriental Peninsula Resources Group, Inc. said it registered P287.68 million in earnings last year, up from the P150.68 million loss in 2016.
The company, which supplies nickel laterite ore, also reported a gross revenue of P1.63 billion, 229.96% from P493.51 million in 2016.
Its gross expense, however, also went up to P1.27 billion from P667.54 million in 2016.
The company ships most of its nickel ore to China, due to its “thriving stainless steel industry and in response to the shortage in the domestic supply of metal.”
In 2017, 77% of its nickel was shipped to China while the remaining was sent to Japan. The company used to ship nickel to Australia from 2011 to 2013.
The company said it will focus on Pulot Mine and Toronto Mine, operated by its subsidiary Citinickel Mines and Development Corp. which acquired permission to operate for 25 years starting from 2007. — Anna Gabriela A. Mogato

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