Benguet Corp. Q1 net income up by 915%

Riding high on the momentum of its exceptional operating performance in 2020 following the lifting of the suspension of its nickel operations in Zambales, Benguet Corp. posted a consolidated net income of P518.6 million in the first quarter of 2021, about nine times the P56.7 million net income in the same period last year. The 915-percent increase in after tax income was the result of combined earnings from its gold, nickel and lime projects which accounted for P1.3 billion in revenue for the first quarter or more than three times of last year’s P408 million.

While cost and operating expenses went up by 68 percent year-on-year to P571.1 million due to higher production cost, selling expenses and payment of excise taxes and royalty fees to the government, prudent cost management, substantial nickel export and improved gold production volumes gave rise to the big positive variance.

Amid the pandemic, the company is steadily pursuing a growth strategy as it continues to implement precautionary measures to protect the health and safety of its employees, contractors and host communities.