Nickel Asia Corp. on Friday reported that net income in the first quarter of the year rose 80 percent to P1.05 billion from P584 million a year ago on higher metal prices.
Nickel Asia said in a disclosure to the stock exchange nickel ore sales volume decreased 10 percent to 2.39 million wet metric ton (WMT) from 2.65 million WMT in the first quarter last year.
Revenues, however, jumped 17 percent to P3.32 billion from P2.85 billion in 2021 as the weighted average realized price of ore sold increased 22 percent to $27.03 per WMT this year from $22.21 per WMT last year.
“The global nickel industry continues to labor under a record deficit–with an even larger projected deficit this year as compared to the previous year,” said Nickel Asia president and chief executive Martin Antonio G. Zamora.
