LISTED company Marcventures Holdings Inc. said its mining subsidiary Marcventures Mining & Development Corp. (MMDC) saw an increase in revenue last year due to the shipping of a higher volume of saprolite nickel.
In its annual report, Marcventures said MMDC sold 40 shipments or an aggregate of 2.18 million wet metric tons (WMT) of nickel ore.
Of the total shipment, saprolite filled up 26.5 vessels in 2017, compared with 13 in 2016, while limonite shipments took up 13 vessels compared to the 35 vessels filled in 2016.
This led to a 6.34% increase in revenues from 2016’s P1.92 billion to P2.04 billion in 2017.
MMDC’s cost of sales decreased by 6.04% to P1.34 billion in 2017.
Operating expenses increased by 24.24% to P562.34 million. The highest increase in expenditures came from advertisement which saw a 2,537.90% increase to P2.27 million.
This was offset, however, by a decrease in spending in some aspects of its operations, the most coming from community relations which dropped by 77.56% to P16.76 million.
Spending on repairs and maintenance dropped by 62.94% to P2.54 million, due to the company selling depreciated heavy equipment, while retirement benefit expense also dropped by 39.11% to P6.05 million due to a decrease in employees last year.
Consolidated cash flow dropped to P172.68 million last year from P215.30 in 2016.
Most of its net cash was spent on mine and mining properties at P273.23 million, while spending on property and equipment cost the company P120.36 million. — Anna Gabriela A. Mogato
