Global Ferronickel income leaps to P779.7M

Coming from a huge net drop in 2016, listed nickel producer Global Ferronickel Holdings Inc. (FNI) reported a 20-fold increase in its net income for 2017 to P779.7 million from P37.5 million a year ago.

The company’s revenue earnings stood at P5.8 billion, up 54 percent from P3.77 billion from a year ago after suffering from sluggish ore prices and poor weather conditions in 2016. These factors caused its net income to plunge by 97 percent that year.

“FNI has successfully reset its business model and delivered solid results in 2017 thanks primarily to strong operational performance,” president Dante R. Bravo said during the company’s annual meeting of shareholders on Wednesday.

“The company has emerged stronger, with many efficiency improvements as visible signs of its transformation,” an FNI statement said.

For 2017, its subsidiary Platinum Group Metals Corporation (PGMC) was able to ship 5.971 million wet metric tons (WMT) of nickel ore with an average daily load rate of 27,388 WMT. These were greater by 39 percent and 32 percent, respectively, from the company’s performance compared to a year ago.

“Recent actions such as changes to its organization structure and processes, early preparation for road development and stripping activities as well as better scheduling of shipment loading have steered through a challenging year,” the company said.

Moving forward, FNI said it would prioritize its ongoing survey and exploration programs to successfully increase resource inventory.