Global Ferronickel Holdings Inc. (FNI) recorded a 34.9% decline in its consolidated net income for the first half of 2022 to Php 417.4 million from last year’s Php640.8 million.
In a report by BusinessMirror, the decline was attributed to inclement weather, making it difficult for PNI to ship nickel ore. The company’s revenue also declined by 15% to Php2.21 billion from Php2.61 billion registered last year also due to lower volumes of ore shipped.
FNI said that it was able to ship out 1.035 million wet metric tons (WMT) of nickel ore during the first half of the year, versus the 1.740 WMT shipped in the same period last year.
FNI president Dante Bravo said that the company is hopeful for better weather in the third quarter, during the peak of the Platinum Group Metals Corp.’s mining season which normally delivers around 60% of FNI’s revenues for the year.
The company’s sales mix consists of 79% low-grade ore and 21% percent medium-grade ore. Bravo said that the FNI has adjusted its shipment target to 4 million WMT, but they are looking forward to a “productive and remarkable season” amid strong demand from China and other favorable market conditions.
