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Global Ferronickel turns around with P154-M profit

Global Ferronickel Holdings, Inc. (FNI) posted a first-quarter attributable net income of P153.85 million, turning around from a net loss of P194.93 million in the same period last year.

In a regulatory filing, the listed nickel ore producer also reported an after-tax net income of P358.83 million, reversing the P198.16-million net loss posted a year earlier.

“We had a solid start to 2023, coming primarily from our Palawan mine which benefits from medium-grade nickel ore,” said FNI President Dante R. Bravo in a statement.

“We expect a year of increased production, focused operational execution, and additional exploration drilling at our mine sites,” he added.

The company’s revenues also grew 28 times to P1.1 billion from the P39 million it recorded in the same period last year.

Earnings per share on net income attributable to equity holders of the company was posted at P0.0296, a reversal of the loss of P0.0375 a year earlier.

During the first quarter, FNI exported 330,000 wet metric tons (WMT) of medium-grade nickel ore. The average realized nickel ore price was $61.48 per WMT, while the average realized peso over the US dollar was P54.82.

Mr. Bravo said that the company plans to export 6.5 million WMT, including 5 million WMT from its Cagdinao mine and 1.5 million WMT from its Palawan mine.

In September, FNI reported that it had started its first nickel ore shipment from its mine in Palawan, which it said is “a significant step forward in establishing year-round mining operations for the company.”

The Palawan mine produced 1 million WMT last April 29 and is set to ship by the end of the month.

In February, FNI acquired a 20% stake in Chinese firm Guangdong Century Tsingshan Nickel Industry Co. Ltd., which owns a 33-hectare rotary kiln-electric furnace processing facility in China

“Beginning in the fourth quarter of 2022, these recent developments supported FNI’s earnings and will pave the way for a steady income stream throughout the year,” the company said.

On Tuesday, shares of Global Ferronickel rose five centavos or 2.22% to close at P2.30 apiece. — S.J. Talavera

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