Global Ferronickel net income surges in January-September

Global Ferronickel Holdings Inc. (FNI), the country's second-largest nickel ore producer, reported on Wednesday a surge in bottom line in the first nine months of the year, citing higher production volumes.

In a filing on the Philippine Stock Exchange, FNI said its net income grew to P779.9 million in January to September, up from P7.0 million a year earlier.

Earnings before interest, tax, depreciation, and amortization amounted to P1.407 billion while revenue grew by 72 percent to P4.646 billion.

"We have successfully addressed both the revenue and cost side which directly translate to our bottom line,” FNI president Dante R. Bravo said.

FNI reported last year a drop in net income due to unfavorable weather conditions which affected production and loading operations.

“Such brisk growth reflects good progress on our previously announced productivity initiatives which drove higher shipped volume. We also benefited from improved selling prices, better product mix, and favorable foreign exchange rate," he added.

Shipped volume rose by 43 percent 4.9 million WMT (wet metric tons) at an average realized price of $18.77 per WMT

“We are encouraged by current strong trends for fixed asset investments in China, particularly real estate development and water, environment and public facilities infrastructure. We are also positive on long-term prospects for new energy vehicles which saw double-digit sales growth year-to-date," Bravo said.

"With only a few days left before we close the mining season, I'm confident that we'll finish the year strong and we’ll continue to invest in opportunities we see ahead for 2018 and beyond," he added. — Jon Viktor Cabuenas/VDS, GMA News