Global Ferronickel Holdings Inc. grew its profit last year by 9 percent to P2.2 billion from P2.02 billion.
Revenues dropped 13 percent to P6.7 billion from P7.7 billion, attributed to adverse weather conditions.
The company, however, benefited from the rise in medium-grade ore prices and the favorable foreign exchange impact.
Global Ferronickel said it shipped 3.735 million wet metric tons (WMT) of ore, down 24 percent.
“Overall product mix was 76 percent low-grade ore and 24 percent medium-grade ore with an average realized price slightly lower by 0.3 percent from prior year to $31.68 per WMT,” the company said.
“Our performance during the year showed our company’s ability to evolve and make further progress against our strategic priorities. Most notably, we completed the commissioning and started commercial export of nickel ore from our mine in Palawan. We also completed the acquisition of a 20 percent stake in Guangdong Century Tsingshan Nickel Industry Co. Ltd., the owner of a 33-hectare rotary kiln-electric furnace processing facility in China that caters to customers from within and outside Guangdong’s Economic and Technological Development Zones. Finally, for the second consecutive year, we received the highest Presidential Mineral Industry Environmental Award by the Department of Environment and Natural Resources and the Philippine Mine Safety and Environment Association in recognition for our environmentally and socially responsible surface mining operations,” said Dante Bravo, Global Ferronickel president.
