Nickel producer Global Ferronickel Holdings Inc. (GFNI) said Monday its net income attributable to equity holders of the parent company went down 19.6 percent in 2023 to P1.5 billion.
Excluding the impact of one-off gain of P680 million from a settlement received by a subsidiary in 2022, net income attributable would by higher by 3.9 percent year-on-year, it said in a statement.
Revenues went up by 30.5 percent to P8.8 billion in 2023, while operating income amounted to P2.8 billion.
GFNI said higher volume from full-year operations and higher medium-grade ores from the Palawan mine led to revenue growth.
The Palawan mine started commercial shipments in September 2022 and became a subsidiary of the company in December 2022.
Its Surigao mine posted lower revenues on unfavorable weather and weaker prices for low-grade ores amid expanded output from Indonesian mines.
“Our revenues highlight our success in operating the Palawan mine reliably in its first full year of production. This diversification helps improve our cash flows and better positions us to take advantage of opportunities for short- and long-term growth,”GFNI president Dante Bravo said.