MANILA, Philippines — Listed mining firm Nickel Asia Corp. (NAC) reported an attributable net income of P202 million in the first quarter of this year, slumping by 73 percent, as it suffered from the decline in ore prices.
In a disclosure on Tuesday, NAC said revenues dropped by 41 percent to P2.09 billion as an oversupply of nickel weighed down on prices.
The firm again incurred P193.9 million in losses from its combined equity share in the two HPAL (high pressure acid leach) plants in Palawan and Surigao del Norte, although the amount was 23 percent lower.
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During the period, the weighted average nickel ore sales price plummeted by 48 percent to $13.84 per wet metric ton (WMT).
NAC’s operating mines sold a total of 2.61 million WMT of nickel ore. This includes 610,000 WMT of iron-rich saprolite ore exported at the average price of $25.57 per WMT.
NAC also delivered 2 million WMT of magnesium-rich limonite ore to the Coral Bay and Taganito HPAL plants.
Earnings before interest, tax, depreciation, and amortization amounted to P1.05 billion, down by 52 percent.
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Andre Mikael Dy, NAC’s vice president for treasury and investor relations and sales, earlier said the company was expecting better earnings this year due to the expected improvement in prices.
The firm is also aiming at maintaining production between 16 million and 19 million WMT by end-2024.
Aside from producing lateritic nickel ore, NAC has a growing interest in renewable energy development through its subsidiary Emerging Power Inc. —Jordeene B. Lagare INQ