Global Ferronickel posts P779.7 million net income in first nine months

Publicly listed Global Ferronickel Holdings Inc. (FNI) has filed a net income of P779.9 million with the Philippine Stock Exchange as a result of a higher production performance for January to September.

In a report by GMA News, FNI’s profit growth is up from P7 million in the same period last year as earnings before interest, tax, depreciation, and amortization totaled to P1.407 billion, meanwhile revenues arrived at P4.646 billion, a 72 percent surge from 2016.

Last year, the company saw a drop in net income due to inactivity caused by unfavorable weather conditions.

“We have successfully addressed both the revenue and cost side which directly translate to our bottom line,” said FNI President Dante R. Bravo.

Meanwhile, FNI’s shipped volume rose by 43 percent with 4.9 million wet metric tons (WMT) at an average realized price of $18.77 per WMT.

“Such brisk growth reflects good progress on our previously announced productivity initiatives which drove higher shipped volume. We also benefited from improved selling prices, better product mix, and favorable foreign exchange rate,” Bravo said.

“With only a few days left before we close the mining season, I’m confident that we’ll finish the year strong and we’ll continue to invest in opportunities we see ahead for 2018 and beyond,” he added.