Corporate News

Benguet earnings up

Posted on April 29, 2016

BENGUET CORP. saw its profit jump two-fold in 2015 on the back of increased shipments of nickel ore amid volatile markets.

Benguet Corp.’s mining operations -- HTTP://BENGUETCORP.COM/
In its annual report filed with the local bourse yesterday, Benguet Corp. said its net income rose 106.5% to P200.7 million for versus the P97.2 million it booked the preceding year.

“The surge is largely driven by the gains in the company’s nickel business with better negotiated nickel ore prices amidst its continued descent in 2015 and bigger volume shipped,” the report read.

The miner’s consolidated revenues came in at P3.258 billion, 8% higher than the P3.018 billion registered in 2014.

Costs and operating expenses increased to P2.82 billion in 2015 from P2.68 billion in the preceding year mainly due to an increase in cost of mine products sold and services as a result of higher tonnage of nickel ore sold last year, Benguet said.

Driving the company’s growth was its wholly-owned subsidiary BenguetCorp Nickel Mines, Inc., as the nickel business contributed 73% of the firm’s revenues. Total income of the subsidiary reached P137.1 million, almost doubling from 2014’s P70.3 million. -- JCL