LISTED mining firm Global Ferronickel Holdings, Inc. (FNI) posted a 40.8% increase in its net income for the third quarter despite recording lower revenues.

In a stock exchange disclosure on Tuesday, the mining firm said that its net income for the July-to-September period rose to P1.72 billion compared with P1.22 billion last year. FNI’s revenues for the quarter dropped 24.2% to P2.88 billion from P3.80 billion.

In its quarterly financial report, the company registered other income amounting to P1.17 billion in contrast to its P222.64-million charges incurred a year ago. Its other income came in part from an amount received from a settlement in a case.

For January to September, FNI’s net income rose 14.7% to P2.13 billion compared to P1.86 billion in the same period last year.

Revenues reached P5.09 billion, down 20.6% from P6.41 billion in the same period in 2021. Of the total, 98.2% came from mining operations while 1.8% came from services rendered to customers.

According to FNI, it sold 3.15 million wet metric tons (WMT) of nickel as of September, down by 25.5% from 4.228 million WMT in the same nine-month period last year.

“The group completed 58 shipments of nickel ore during the nine months period … as against 78 shipments of nickel ore during the same period last year mainly due to bad weather conditions. The group encountered more rainy days each month this period totalling to 161 rainy days compared to 137 rainy days of the same period in 2021,” the company said.

Meanwhile, FNI said that the overall average realized nickel ore price in the January-to-September period dropped 6.1% to $28.89 per WMT compared with $30.78 per WMT last year.

“The average realized peso over dollar exchange rate for the group’s export revenues was P54.87 compared to P49.22 of the same period last year, higher by P5.65 or 11.5%,” the company said.

On Tuesday, FNI shares at the stock exchange rose P0.03 or 1.32% to end at P2.30 apiece. — Revin Mikhael D. Ochave