FNI books 35% income hike

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    Global Ferronickel Holdings Inc. (FNI) booked a net income of P804.95 million in the first nine months of the year, a 35 percent jump from its P595.43 million net income a year ago.

    FNI attributed the growth to higher nickel ore prices in the third quarter which also pushed revenues up 5.4 percent to P4.79 billion from P4.54 billion.

    For the period, the average realized price of nickel ore it sold improved by 9.3 percent to $19.88 per wet metric ton (WMT), from the previous $18.18 per WMT, the company said.

    FNI reported lower volume of shipment for the period by 1.5 percent to 4.642 million WMT, compared to 4.711 million WMT of nickel ore with the same number of 85 vessels, due to management’s decision to ship more higher-grade nickel ore to take advantage of better prices.

    The resulting product mix was 42 percent low-grade ore and 58 percent medium-grade ore in 2019, versus the previous period’s mix of 43 percent low-grade ore and 57 percent medium-grade ore.