GLOBAL FERRONICKEL Holdings, Inc. posted a 16.1% increase in net loss attributable to the equity holders to P157.54 million in the first quarter after a double-digit fall in revenues.

In a disclosure to the stock exchange on Wednesday, the holding firm with interest in mineral resource exploration reported a 38.4% fall in revenues to P39 million, versus P63.34 million it posted a year ago.

The miner and nickel ore exporter said it was only able to complete one shipment of low-grade ore, compared to one shipment of medium-grade ore in the same period last year.

In addition, it said the mining season of its Surigao del Norte-based Cagdianao mine is from March until October each year, adding that the company’s lower revenues were due to the lower product type and lower prices.

“The mining season explains the quarter-to-quarter volatility in the operating results with more revenues being earned and more expenses being incurred during the second and third quarters compared to the first and fourth quarters of each year,” the company said in the disclosure.

“Despite the challenges brought about by the coronavirus disease 2019 (COVID-19) pandemic, we continue to build on the success of last year and remain optimistic that we can meet our adjusted shipment target of 5 million wet metric tonnes (WMT) for 2020,”Global Ferronickel President Dante R. Bravo was quoted as saying.

For the long term, the company said it had designed a strategy to maximize the profitability of its existing base of operations while driving growth via continued exploration and development of its Cagdianao mine.

Other parts of the company’s strategy include the expansion of its customer base, ongoing monitoring of value-added opportunities particularly in downstream processing, and opportunistic acquisition of other suitable properties and businesses.

On Wednesday, Global Ferronickel shares rose 3.49% or P0.03 to close at P0.89 per share. — Revin Mikhael D. Ochave