Benguet posted P458M profit in Q1

MANILA, Philippines—Benguet Corp. reported a P458-million consolidated net income in the first three months.

This was attributed by the company mainly to extraordinary gains and the strong performance of its Acupan gold operation and Sta. Cruz Nickel Project (SCNP).

The first quarter performance marks a turnaround from that of the same quarter last year when the company posted a P16-million loss.

Operating revenue from the Acupan gold mine grew by almost 400 percent to P183 million during the quarter.

“This was attributed to increased production and higher market price of gold,” Benguet Corp. said in a statement.

Acupan continues its expansion program to bring production to 150 tons per day within the year and to 300 tons per day by 2012.

Benguet Corp Nickel Mines Inc (BNMI), a wholly owned subsidiary, generated operating revenue of P89 million from nickel ore shipments in its Sta. Cruz Nickel Project.

The SCNP, according to the parent company, is expected to produce and export a minimum of 1.3 million of tons this year.

BNMI is also on track with its exploration activities, Benguet Corp. said.