MANILA, Philippines — The earnings of DMCI Mining Corp. suffered in the third quarter owing to a motley crew of effects, including the depletion of its Berong mine.
In a disclosure sent to the Philippine Stock Exchange on Wednesday, the Consunji-led mining firm reported net income plunged 56% year-on-year to P80 million in the third quarter.
Earnings likewise retreated 17% year-on-year to P1.17 billion in the first nine months.
“We expected a severe profit decline because of the depletion of our Berong mine late last year. Fortunately, the bullish nickel market allowed us to ship even the low-grade inventory of Berong,” said DMCI Mining president Tulsi Das C. Reyes.
The mining firm noted that higher nickel prices and a weak peso offset the firm’s profit weakness.
Financial results showed the company’s nickel ore shipments sank 25% on-year to 1.09 million wet metric tons (WMT) in the first nine months. DMCI Mining reckoned that shipments sank 50% on an annual basis in the third quarter.
By the end of September, the Consunji-led mining firm reported total inventory plunged 76% to 109,000 WMT. This was mostly due to the depletion from Zambales stocks.
DMCI Mining noted average selling price of its minerals rose 16% on-year, ranging from $43-50 in the first nine months.
The peso’s depreciation left selling prices growing 10% year-on-year in the first three quarters.