Nickel Asia Corp., the Philippines’s biggest nickel producer, said net income in the nine months through September more than doubled as sales and nickel prices improved.
In a filing to the Philippine Stock Exchange on Tuesday, Nickel Asia said net income for the first three quarters hit P3.26 billion compared to P1.41 billion in the same period last year.
Revenues during the period jumped 74 percent to P10.9 billion, buoyed by shipments to Chinese customers, the miner said.
The company said ore sold to customers amounted to 8.25 million wet metric tons year-to-date, or up by 43 percent, placing it near its full-year target of about 10 million tons.
“Laterite ore imports into China have been at record levels this year, owing to the strong position of nickel pig iron as the primary choice for nickel and iron among stainless steel producers,” Gerard Brimo, Nickel Asia president and chief executive officer, said in a statement on Tuesday.
Nickel Asia said cash operating costs rose 35 percent to P4.6 billion in the first nine months.
Meanwhile, Nickel Asia said mining operations at its 65-percent-owned subsidiary Taganito Mining Corp. has “normalized” following a raid by armed rebels earlier this month.
The company is already putting in place an “expenditure program” to replace a substantial portion of the equipment damaged that was earlier valued at P500 million.
But Nickel Asia said the writedown to be recognized by Taganito Mining in the fourth quarter would amount to only P250 million to correspond with the “book value of the damaged equipment and structures.”
Nickel Asia reiterated that the $1.4 billion Taganito HPAL facility will be delayed by a few months from the original mid-2013 completion date due to the attack. Nickel Asia holds a 22.5 percent interest in the processing plant, which is being spearheaded by shareholder Sumitomo Metal Mining Co. Ltd. of Japan.
Nickel Asia declared a special cash dividend of P0.15 per share payable on December 8 to shareholders on record as of November 11, the statement showed.
Nickel Asia shares added 0.21 percent to P18.92 each on Tuesday.
