Nickel Asia's nine-month net income jumps by 370%

Nickel Asia Corp. grew its net income by 370 percent to P8.18 billion in the nine-month period driven by higher shipment volumes and nickel prices.

In a disclosure to the Philippine Stock Exchange, the company said its earnings for the January to September period is inclusive of a non-cash gain of P416.6 million, a result of a revaluation by its 60 percent-owned subsidiary Rio Tuba Nickel Mining Corp. of its investment Coral Bay Nickel Corp.

The company registered a P7.76-billion net of the one-time gain core income.

Meanwhile, earnings before interest, tax, depreciation and amortization stood at P14.1 billion from P3.7 billion last year.

It also booked additional earnings of P401.9 million from its share of profits from Taganito HPAL Nickel Corp (THPAL) where it has a 22.5-percent equity stake.

Nickel Asia Corp. said it sold and delivered 14.26 million wet metric tons of nickel ore  from its four operating mines during the nine-month period.

"The surge in shipment volumes was mainly the result of increased ore deliveries to THPAL which was commissioned last year and is now on its first full year of operations," the company said.

Meanwhile, the company posted a total cash operating cost and expenses of P6.45 billion, 58 percent higher from last year's P4.09 billion.

"We are delighted with our strong results for the first nine months of this year and our ability to build on the combination of higher prices and increased production to meet higher demand for our ore," Nickel Asia Corp. president and CEO Gerard Brimo said. — Kathryn Mae P. Tubadeza/JDS, GMA News