DMCI Mining almost doubles profit to P206 M

Published November 22, 2018, 12:00 AM

by manilabulletin_admin

By James A. Loyola

DMCI Mining Corporation reported that its net income almost doubled during the first nine months of 2018, rising 94 percent to P206 million from P106 million in the same period last year.

DMCI Mining Corp. Logo
DMCI Mining Corp. Logo

In a disclosure to the Philippine Stock Exchange, parent company DMCI Holdings said revenues grew 40 percent from P700 million to P978 million for the first nine months of 2018 due to the shipment of higher-grade ore higher nickel prices.

DMCI Mining registered a 1 percent uptick in nickel shipments from January to September this year as both its nickel assets made no shipments during the third quarter.

Zambales Diversified Metals Corporation (ZDMC) continued to await the reissuance of its port permit while poor weather conditions prevented Berong Nickel Corporation (BNC) from making any shipment.

From July to September this year, DMCI Mining recognized a P110 million loss due to the absence of revenue to cover its operating expenses.

For the 9-month reporting period, DMCI Mining shipped 482,762 wet metric tons (WMT) of nickel ore compared to 476,155 WMT the year before.

A majority of the shipments, or 430,000 WMT, came from the old stockpile of BNC while the rest were from the inventory of ZDMC.