Marcventures profit up 435%

MANILA, Philippines - Listed miner Marcventures Holdings Inc. has reported a 435-percent year-on-year rise in its consolidated net profit to P989 million in the first nine months of the year on higher shipment volume.

In a regulatory filing, the company announced that its wholly owned subsidiary Marcventures Mining & Development Corp. (MMDC) made 41 shipments of nickel ore with a volume of 2.279 million wet metric tons (WMT), an increase of 334 percent in the comparative period last year.

Total revenues generated from ore shipments in the first nine months of 2013 reached P2.03 billion, up 239 percent from the first nine months of last year.

The consolidated net earnings for the period equates to an earnings per shares of P0.57 for the first nine months of the year.

“Demand for MMDC ore continues to remain very strong. Operations are ongoing and MMDC will continue to ship throughout the 4th quarter as long as the weather continues to operate,” said the company in the filing.

MMDC  holds a mineral production sharing agreement (MPSA) for a 4,799- hectare tenement located in Cantilan, Surigao del Sur.