Benguet incurs P43-M net loss in six months

Listed miner Benguet Corp. incurred a net loss of P43 million in the first semester, a reversal of the P10 million income reported in 2017 due to lower revenues and production.

In a disclosure to the local bourse, the company said revenues declined to P682 million.

The company shipped 218,635 metric tons (MT) of nickel ore, 33 percent lower than the previous year.

Total shipments decreased to four boatloads from six last year which was exacerbated by the decline in nickel ore prices to $20.50 per MT from $21.50 per MT.

On the other hand, gold revenue improved to P363 million as gold price increased to $1,317 per ounce despite lower production.

Meanwhile, cost and operating expenses fell four percent to P705 million due to lower sales.

The company expects improvement in its cash flows, banking on better gold production and steady global market prices.

Aside from producing and marketing gold, nickel laterite ore, limestone, the company also provides logistics, port and shipping services, healthcare services, sells industrial equipment and supplies, and develops water resources and real estate projects.