Marcventures Holdings Inc. said Tuesday consolidated income surged 384 percent in the third quarter to P790.31 million from P163.79 million a year ago, on the back of the strong contribution from its mining unit.
MHI said the robust profit in the third quarter was largely due to the performance of Marcventures Mining and Development Corp. that served as a silver lining “amid the unstable weather conditions in the first half of the year coupled with the difficulties brought by the pandemic.”
MMDC’s revenues rose 62 percent in the first three quarters to P2.85 billion from P1.76 billion in the same period last year, but fell 7 percent below the P3-billion target for the period.
“With significant changes in operations and management and the support of the LGUs and leading government agencies, MMDC completed 25 shipments in the third quarter, bringing the year-to-date total to 30. It missed the target of 31 but surpassed last year’s 22 boatloads,” it said.
MMDC’s net income in the first three quarters reached P875.73 million, or 17 percent above the P746.74-million target and 210 percent higher than P282.21 million income it booked a year ago.
