DMCI Mining Corp. saw a 17% decline in its net income to Php 1.17 billion for the first nine months of the year, versus the Php 1.41 billion recorded in the same period last year.
The decline was attributed to lower nickel ore shipments, and the average nickel sold, the company said in a disclosure to the Philippine Stock Exchange (PSE).
“We expected a severe profit decline because of the depletion of our Berong mine late last year. Fortunately, the bullish nickel market allowed us to ship even the low-grade inventory of Berong,” DMCI Mining president Tulsi Das Reyes said in a statement
DMCI Mining’s net income for the third quarter of the year also declined by as much as 50% from Php 181 million to Php 80 million due to lower shipment, flattish nickel grade sold, higher selling prices, and favorable average foreign exchange rates.
The company’s nickel ore shipments dropped 25% during the nine-month period from 1.45 million wet metric tons (WMT) to 1.09 million WMT.
DMCI Holdings, Inc. earlier said that it is looking to merge DMCI Minning and Semirara Mining and Power Corporation. It is currently assessing if merging the two mining companies would create value for its stockholders.