Benguet earnings dip on noncash revaluations
MANILA -Listed Benguet Corp. reported its bottom line dropped by 6.34 percent in the previous year, still reeling from the pandemic amid higher metal prices and favorable foreign exchange rates.
In a disclosure on Tuesday, the mining company reported its net income after tax decreased to P1.33 billion in 2022 from P1.42 billion a year ago.
Operating income, however, was up by 5.73 percent to P1.66 billion from P1.57 billion.
Consolidated revenues climbed by 5 percent to P4.03 billion from P3.84 billion year-on-year, mainly fueled by the sales of nickel, gold and limestone.
Benguet said fluctuations in noncash revaluation adjustments decreased but said the situation was “still commendable given the current economic volatility due to pandemic hangover.”
“The upward trend was supported by elevated metal prices and favorable foreign exchange that prevailed through most of the year,” it added.
Benguet did not provide comparative figures on metal prices.
Yet, last year’s report from the Mines and Geosciences Bureau showed nickel prices surged by 42 percent to $11.86 per pound. Gold prices were relatively flat at $1,802.28 per troy ounce.
Benguet, established in 1903, is the first and oldest mining company in the Philippines, according to its website.
It is primarily engaged in mining and mineral exploration, which currently produces and markets gold, silver, nickel ore and limestone.
As stated in its previous financial report, Benguet operates gold mines in Benguet, nickel mines in Zambales and limestone production facility in Baguio City. INQ