Higher ore prices boost Global Ferronickel
The significant rise in metal prices buoyed the earnings of Global Ferronickel Holdings Inc., soaring by 1,568.2 percent to P177.3 million in the first quarter this year.
In a disclosure on Thursday, the nickel ore producer said its revenues surged by 105.1 percent to P1.2 billion, mainly driven by higher nickel ore export revenues.
“The early shipment of medium-grade nickel ore to China sets a strong tone for the year,” Global Ferronickel president Dante Bravo said.
Ore revenues amounted to P1.2 billion, rising by 105.6 percent and fueled by higher nickel ore prices and sales volume. The company shipped 505,459 wet metric tons of nickel ore from its Palawan mine, up by 32.5 percent.
It completed nine shipments during the three-month period as opposed to seven a year earlier.
“All shipments for both periods consisted entirely of medium-grade nickel ore and were sold exclusively to customers in China,” it said.
