Marcventures first nine-month income surges 384% to P790.31 M

Marcventures Holdings Inc. (MHI) consolidated income during the first nine months of the year surged to P790.31 million, a 384.32 percent increase from the P163.18 million the company had in the same period last year.

This is amid the robust third quarter performance of the firm’s subsidiary, Marcventures Mining and Development Corp (MMDC) and despite “the unstable weather conditions during the first half of the year, coupled with the difficulties brought by the pandemic,” MHI said in a statement on Friday.

Photo from Marcventures Holdings Inc.

With significant changes in operations and management and the support of the local government units (LGUs) and leading government agencies, MMDC completed 25 shipments in the third quarter, bringing the year-to-date total to 30.

Although this surpassed the 22 boatloads the company recorded during the same period last year, this missed the firm’s target of 31.

MMDC’s total ore shipment also missed the target of 1.70 million wet metric tons (WMT), and only ended up in 1.6 million WMT, which is 35 percent higher than last year’s 1.19 million WMT shipment.

Year-to-date, the company’s net income of P875.73 million posed a 17-percent rise from the firm’s P746.74-million target. Compared to last year’s P282-million year-to-date income, this was a surge of 210 percent.

The firm’s year-to-date revenue, on the other hand, increased by 62 percent to P2.85 billion from the 1.08 billion during the same period last year. However, this was 7 percent lower than the company’s P3.05 billion target.

“MMDC’s solid financial standing signifies its commitment to preserve the environment and support its host communities,” MHI said.

“The company continues to provide livelihood opportunities, educational and health assistance to all 42 communities in the municipalities Cantillan, Carrascal and Madrid, in Surigao del Sur,” it added.