Benguet posts net income of P637M

Benguet Corp. posted a consolidated net income of P637 million in 2012  on total revenue of P1.8 billion, the company reported during its annual stockholders meeting on Thursday.

This was attributed to the strong revenue contributions from the company’s nickel operations, which contributed 61 percent of the total, and gold operations, which accounted for 24  percent.

Operating revenue rose by 83 percent to P1.8 billion in 2012 from P994 million in 2011.

Benguet’s  nickel operations, under subsidiary BenguetCorp Nickel Mines Inc. (BNMI),  contributed P1.1 billion or an increase of 120 percent  from P501 million in 2011.

The total volume of nickel ore shipped reached 1.5 million tons, with BNMI’s own operations accounting for 735,000 tons, equivalent to 15 boatloads, with the balance provided by its contractor in the designated area.

The Acupan gold operation output rose by 35 percent to 6,238 ounces from 4,625 ounces in 2011. Milling rate hit 149 tons per day in 2012.  The improved production coupled with higher gold prices pushed gold revenue to P439 million from P317 million a year ago.

The company’s several subsidiaries performed well in 2012.  Among others, Benguet Management Corp. (BMC) and its subsidiaries’ consolidated revenue grew ten-fold to P511 million from P59 million in 2011.

Net earnings amounted to P88 million in 2012, an increase of 136 percent from 2011 level.

Benguet is moving forward with its strategic projects that include the expansion of its nickel and gold operations.