Listed mining company Benguet Corp. reported a net loss of P37 million in the year’s first quarter, almost double from the previous year in spite of improvements in revenues.
The company’s net loss for January to March 2018 amounted to P 36.5 million, 96 percent higher than the P18.6 million loss last year, the company disclosed.
Revenues went up 26 percent to P 336 million due to higher sales from gold and nickel.
The company shipped an aggregate volume of 108,635 metric tons (MT) of nickel ore, double from the 53,500 million MT shipped in 2017.
Overall shipments also increased to two boatloads from only one last year. This slightly balances the decrease in nickel ore prices to $20 per MT from $25 per MT in the comparative period.
The gold produced improved to 2, 660 ounces from the 2, 387 ounces in 2017 during the period.
This was coupled with the better average realized gold price of $1,330 per ounce this quarter from the $1,222 per ounce last year.
On the other hand, cost and operating expenses increased by 32 percent to P357 million due to the higher cost of mine products sold.
The company hopes for an improvement in its cash flows as it banks on better gold production and steady global market prices.
Aside from mining, producing, and marketing gold, nickel ore, and limestone, Benguet Corp. also provides logistics, port and shipping services, healthcare services, sells industrial equipment supplies, and develops water resources and real estate projects
