Global Ferronickel profit skyrockets to P780 million

GLOBAL FERRONICKEL Holdings, Inc. (GFNi) reported on Tuesday its net income soared over twenty times to P779.7 million in 2017, due to better selling prices and “favorable” foreign exchange impact.

In a disclosure to the stock exchange, the country’s second largest nickel producer said revenues went up 54% to P5.8 billion, from P3.8 billion in 2016.

GFNi said nickel ore shipments rose 39% to 5.97 million wet metric tons (WMT), while the average realized price went up by 5% to $19.29 per WMT.

Earnings before interest, tax, depreciation and amortization increased to P1.6 billion in 2017 from P563.1 million in 2016.

In a statement, Global Ferronickel President Dante R. Bravo also attributed the company’s strong performance to improved operational efficiency.

“The enhanced organizational structure and processes within our teams increased our connectivity and efficiency. This allowed us to act upon day-to-day weather conditions as well as on other business information that support the execution of our long-term strategy,” he said.

Mr. Bravo said the company expanding its resource base through projects lined up this year.

“For 2018, we will focus on Cagdianao Areas 1, 6, and 7, with further confirmatory drilling for Cagdianao Areas 2 and 4. Based on this scope, we expect to release partial results by June and November,” he said.

Shares in GFNi closed 3.45% or 8 centavos higher at P2.40 apiece. —