Miner Benguet Corp. says net income reached P637M in 2012

Benguet Corp. on Monday said its net income hit P637 million in 2012 as mining projects continue to produce revenues for the company. Revenues last year reached P1.82 billion, "signaling sustained and dynamic growth," Benguet told the Philippine Stock Exchange. "The ramped-up Acupan gold mining output and the increased ore shipments of Benguetcorp Nickel Mines Inc. provided the company with steady and recurring income base amidst continued favorable metal prices," Benguet added. Non-recurring gains amounted to P440 million while income from operations reached P253 million. In 2011, the company announced a P1.385 billion consolidated net income for 2011, citing non-recurring gains of P1.208 billion and income from operations of P262 million. Gold also lifted the miner's earnings, accounting for 35 percent of revenue growth for Benguet. Nickel, meanwhile, contributed P1.11 billion in revenues for 2012 or an increase of 209 percent from P533 million in 2011. "With the demand for metals in the world  market remaining strong, the company expects the trend to further improve in 2013, premised on the projected increase in production capacity and stable market prices of gold and nickel," the company said. Benguet plans to develop its pioneering gold tailings reprocessing project—expected to start commercial operations by first quarter of 2015—and expand its gold and nickel operations.  The company said it would pursue diversification, eyeing "new non-mining business units"to provide additional income streams. — VS, GMA News