Nickel Asia net income soared 316% in 2014

Nickel Asia Corp. on Friday reported a 316-percent surge in its net income, which reached P8.55 billion in 2014 from P2.05 billion in 2013 as ore prices and output revved up.

Revenues reached P24.7 billion, up by 123 percent compared to P11.1 billion the previous year.

The company’s board approved cash dividends totaling P1 per share, with 70 centavos in regular and 30 centavos in special.

Nickel Asia also declared a 100-percent stock dividend, which will involve the issuance of some 3.8 billion common shares.

“The much improved market conditions and higher ore production and sales resulted in record-breaking earnings last year,” said Gerard H. Brimo, president and chief executive of Nickel Asia.

“We are also delighted at the results of the first full year of operations of the new Taganito HPAL plant, which has met all expectations,” Brimo said in a statement.

Last year, nickel ore sales rose by 28 percent to 17.9 million wet metric tons (WMT) from 14.0 million WMT in 2013.

This consisted of 12.1 million WMT of limonite ore which jumped 16 percent, and 5.8 million WMT of saprolite ore which soared 61 percent.

According to Nickel Asia, the increase in cargos was mainly the result of much higher ore deliveries to Taganito HPAL Nickel Corp. where it has a 22.5-percent equity stake.