Nickel Asia posts P2-B net income in 2013


Posted at Mar 24 2014 02:06 PM | Updated as of Mar 24 2014 10:06 PM

MANILA, Philippines – The country’s largest nickel miner Nickel Asia Corp. posted a net income of P2.05 billion in 2013, slightly lower than the P2.21 billion it posted in 2012.

In a disclosure to the Philippine Stock Exchange, the company said its earnings before interest, tax, depreciation and amortization (EBITDA) went down 4% to P4.9 billion in 2013 compared to P5.08 billion in 2012.

Revenues also dropped 4% to P11.11 billion from P11.61 billion due to the effect of weaker nickel prices.

Nickel Asia, however, hit record highs in ore shipments last year, jumping 19% to 14 million wet metric tons from 11.7 million in 2012.

“Despite weak market conditions for commodities in general, our Company has again managed to deliver record shipments last year,” said Nickel Asia president and chief executive Gerard Brimo.

Brimo added that the start of commercial operations of the $1.6 billion Taganito plant, where Nickel Asia has a 22.5% equity interest, “marks yet another milestone in the Company’s history.”

Brimo is looking at a better performance in 2014 as he expects nickel prices to recover on the back of the Indonesian ore ban, which took effect in January.