FNI nine-month bottom line hits P2.13 billion

Global Ferronickel Holdings Inc. (FNI) recorded double-digit growth in its net income for the first nine months of the year, driven mainly by its flagship mining project in Surigao del Norte.
 
In a filing with the Philippine Stock Exchange, FNI said its net income rose to P2.13 billion in January through September 2022 from P1.86 billion during the same period in the previous year.
 
FNI attributed the growth to its project in Surigao del Norte, operated by Platinum Group Metals Corp. (PGMC), and higher average realized prices on the back of foreign exchange fluctuations.
 
Sales of nickel ore fell by 25.5% to 3.150 million wet metric tons from 4.228 million in 2021, as the group only completed 58 nickel ore shipments versus the 78 shipments last year due to inclement weather conditions.
 
The average realized price of nickel ore fell by 6.1% to $28.89 per wet metric ton (WMT), the low-grade ore fell by 14.4% to $25.49/WMT, and the medium-grade ore increased by 16.6% to $40.79.
 
This was offset, however, by the average realized peso exchange rate of P54.87:$1, reflecting an 11.5% growth from the P49.22:$1 in the same period last year.
 
“Overall outlook for FNI looks reassuring. With the opening of our Palawan mineral project, we expect healthier returns for our stakeholders,” FNI president Dante Bravo said.
 
“Although weather conditions have not been permissive, we have continued to improve our operations and pursue our expansion plans,” he added.
 
FNI also has interests in logistics, cement and steel production, and port operations through its subsidiaries, Bataan-based FNI Steel Corp. (FSC), FNI Steel Landholdings Corp. (FSLC), and Mariveles Harbor Corp.
 
Shares in FNI closed Wednesday up 2 centavos or 0.87% to P2.32 apiece from Tuesday’s finish of P2.32. — VBL, GMA Integrated News