Benguet Corp. booked a net income of P518.6 million in the first quarter of the year, 10 times higher than the P56.7 million registered in the same period in 2020.
This is attributed to the lifting by the Department of Environment and Natural Resources of the suspension of the company’s Zambales nickel mine
In a disclosure to the Philippine Stock Exchange, the miner said revenues jumped to P1.3 billion for the period from P408 million due to the combined earnings from gold, nickel and lime projects.
Last October, the company’s nickel project in Zambales was allowed to resume its operations and enabled the miner to take advantage of the upbeat market for low and mid grades at higher prices.
Benguet Corp. said the 68-percent growth in its cost and operating expenses to P571.1 million was unavoidable with higher corresponding production, selling expenses and payment of excise taxes and royalty fees to the government that was offset by prudent cost management, substantial nickel exports and improved gold production volumes. – Jed Macapagal
