Nickel Asia Corp. said Thursday attributable net income (net of minority interest) rose 12 percent in the first three quarters to P6.90 billion from P6.17 billion in the same period last year.
Earnings before interest, tax, depreciation and amortization amounted to P11.10 billion, up from P11.01 billion in the prior year.
It said that despite the lower ore sales volume in the period, revenues rose by 2 percent to P21.51 billion from P21.03 billion on higher nickel ore prices and favorable exchange rates.
The company’s five operating mines sold a combined 12.44 million wet metric tons of nickel ore in the first nine months, a decrease of 14 percent from 14.44 million WMT in the same period last year.
Meanwhile, Nickel Asia said its board approved the issuance of a guarantee for the P2-billion loan facility of subsidiary Emerging Power Inc. from Security Bank Corp. “The proceeds of the loan will be used to finance the Phase 4A (68 megawatts) Subic solar power plant expansion of EPI’s solar power subsidiary, Jobin-SQM Inc.,” Nickel Asia said in a disclosure to the stock exchange. Alena Mae S. Flores