Global Ferronickel’s net income plunges 97% to P3.98M in H1

Global Ferronickel Holdings Inc. (FNI) reported on Thursday a significant drop of 97.37 percent in its bottom line during the first semester of the year, following declines in nickel ore prices.

In a regulatory filing, FNI said its net income fell to P3.98 million in the January to June period, down from P151.76 million a year earlier.

Revenue fell by 23.2 percent to P1.430 billion as nickel ore prices slipped to $17.59 per wet metric ton (WMT) from the $19.44 per WMT.

“Despite a very challenging first half of the year, measures to boost operational efficiency and our ability to adapt to the challenging market conditions continue to enable us to achieve positive results,” FNI president Dante Bravo said in a regulatory filing submitted by assistant corporate secretary Eveart Grace Pomarin-Claro.

“It is the first time in the past several years that we are pushing for shipment of higher grade nickel ores with 1.65 percent nickel content to take advantage of its relatively high price with better margin,” Bravo said. —Jon Viktor Cabuenas/VDS, GMA News