DMCI Mining Corp. recorded a 14-percent increase in first-quarter core net income to P543 million from P477 million, the highest for any given quarter.
DMCI disclosed to the Philippine Stok Exchange on Wednesday revenues grew 25 percent to P1.4 billion from P1.1 billion in the same period last year due to higher nickel ore shipments and favorable foreign exchange rates.
The company’s total shipments rose 26 percent from 494,000 wet metric tons (WMT) to 620,000 WMT on the back of a robust beginning inventory of 389,000 WMT despite the depletion of the Berong mine.
“We had a very good start to the year. Unfortunately, without a second operating asset, it would be impossible to maintain our output,” said DMCI Mining president Tulsi Das Reyes.
“Our main challenge now is securing the necessary permits to expand our operations,” he said. Alena Mae S. Flores