Nickel Asia net income up 20.7% in 9 months

Listed Nickel Asia Corp. (NAC) posted a 20.75-percent increase in its net income in the first nine months of the year on the back of a stronger dollar and additional profit from its processing plants.

Its earnings went up to P4.53 billion from P3.59 billion year on year, while earnings before interest, tax, depreciation and amortization (Ebitda) hit P6.11 billion, up from P5.95 billion a year ago.

“The combined effects of the company focusing more on shipments of its higher value saprolite ore, a stronger US dollar and the increase in the company’s share of profits from its investments in Coral Bay and Taganito processing plants resulted in a significant improvement in earnings during the period,” NAC said.

Its profit share from the two processing plants went up by 97 percent to P617 million from P21 million in the same period last year. The sharp increase was driven mainly by favorable cobalt and nickel prices.

“We are delighted by the company’s strong results in the first nine months of the year despite the challenging nickel ore market,” NAC president Martin G. Zamora said.

“Our ability to optimize ore export grades and the improved results of our investments in the two processing plants highlighted the period,” he added.