Global Ferronickel Holdings (FNI) has recorded a net income of Php 2.13 billion for the nine months of the year, a 14.51% increase from the Php 1.86 billion recorded in the same period last year.
The increase was driven by the company’s mining project in Surigao del Norte operated by Platinum Group Metal Corporation (PGMC).
FNI was only able to sell 3.150 million wet metric tons (WMT) of nickel ore for the first nine months, a 25.5% decline from the 4.228 million WMT recorded in the same period last year.
The group was only able to complete 58 nickel ore shipments versus the 78 shipments completed from last year.
Despite these, FNI’s revenues on medium-grade nickel went up due to “favorable foreign exchange rates and higher average realized price.”
“Overall outlook for FNI looks reassuring. With the opening of our Palawan mineral project, we expect healthier returns for our stakeholders. Although weather conditions have not been permissive, we have continued to improve our operations and pursue our expansion plans,” FNI president Dante Bravo said in a statement.