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Agriculture and Mining

Nickel Miner Nihao says 2012 net income more than doubled from 2011

April 19, 2013 6:38pm
Commercial mining and share sale in another miner helped boost the 2012 income of listed Nihao Mineral Resources International Inc., the company said Friday.

Net income more than doubled to P24.15 million in 2012 against P10.74 million in 2011, nickel miner Nihao reported to the Philippine Stock Exchange, saying the commercial operations at its serviced mine in Isabela made substantial contributions to its earnings.

Revenues rose to P125.9 million from P42.6 million in the same comparable period, while operating expenses rose to P101.8 million from P31 million.

Driving profits higher was the service fee from the commencement of operations from the Isabela nickel mine, the company said.

In June 2012, the Nihao signed an deal with Geogen Corporation to operate a nickel mine in Dinapigue, Isabela under a mineral production sharing agreement.

Service income totaled P64.08 million, while costs were placed at P52.14 million.

Nihao said it also liquidated shares under its name in Oriental Peninsula Resources Group for a net gain of P58.62 million from the investment. — VS, GMA News
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