Global Ferronickel Holdings Inc. reported a 14.4- percent decline in consolidated net income at P1.83 billion in the first nine months of the year from P2.13 billion in the same period in 2022.
The company attributed the decline to higher operating costs due to increased contract hires, personnel costs as well as general and administrative expenses, among others.
FNI’s consolidated revenues rose 33.1 percent to P6.8 billion from P5.09 billion due to increased volumes from the Palawan mine and its higher-grade nickel ores.
FNI said the revenues could have been higher if not for the lower volumes at the Surigao mine that resulted from wet weather apart from softer prices for low-grade ores.
Total sold volume grew by 20.7 percent to 3.801 million wet metric tons (WMT), of which 2.711 million WMT were from Surigao and 1.090 million WMT were from Palawan.
Average realized nickel ore price for the period was also at $31.93 per WMT, equivalent to a 10.5-percent improvement driven by a more favorable mix and stronger prices of higher-grade ores, which were 16.9 percent more than last year.
“We are focused on strengthening the business and improving asset diversification… Notable progress made on the company’s strategic plans were the purchase of five landing craft tanks to drive meaningful operational and cost efficiencies in transporting nickel ores beginning 2024, and the acquisition of additional land in the Freeport Area of Bataan for our business expansion,” said Dante Bravo, FNI president, in a statement.