Global Ferronickel profit rises 43% in April-June

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GLOBAL Ferronickel Holdings, Inc. (GFNI) booked a 43% increase in its attributable net income in the three-month period ending June, on the back of improved volume and higher nickel ore prices.

In a regulatory filing, the Philippines’ second-largest nickel ore producer said its income stood at P241.69 million in the second quarter, versus P168.74 million during the same period last year.

Revenues jumped 19% to P1.71 billion during the April to June period.

For the first half, GFNI’s attributable income surged to P105.97 million, from P3.98 million a year ago. Revenues rose 23% to P1.77 billion, “due to the increase in volume shipped, higher grade ore shipped and higher average realized price compared to the same period in 2018.”

GFNI sold 1.812 million wet metric tons (WMT) of nickel ore during the January to June period, up 16.8% from a year ago. The company shipped 33 vessels of nickel ore this year versus 28 vessels a year ago.

The average realized nickel ore price stood at $18.82/WMT for the first half, up 7% from $17.59/WMT during the same period last year.

“Our commitment to excellence and growing expertise in the mining business have allowed us to increase our revenue and improve on our profitability,” Dante R. Bravo, president of GFNI, said in a statement.

“Despite the challenges we’ve faced in recent years, we continue to thrive and remain positive in the overall health of the industry,” he added. — Vincent Mariel P. Galang