MANILA – The country's largest nickel miner Nickel Asia Corp. posted an almost five-fold increase in its net income in the first quarter of 2014 due to one-time gains.
Nickel Asia said its net income reached P1.03 billion in the first three months of the year, a 374 percent jump from the P217.9 million in the same period last year.
Excluding the share of minority shareholders, the company’s attributable net income saw a significant jump to P593.7 million from P100.3 million in the same period last year.
The increased earnings included a non-cash gain of P416.6 million representing the firm’s share of the revaluation by its 60 percent-owned subsidiary, Rio Tuba Nickel Mining Corp., of its 10 percent ownership in the adjacent processing plant under Coral Bay Nickel Corp.
Without the one-time gain, Nickel Asia’s core income in the first quarter stood at P177.1 million.
Nickel Asia also posted P11.7 million in equity income from its 22.5 percent investment in Taganito HPAL Nickel Corp.
“This year is significant for the Company being the first full year of operation of the new Taganito plant. With LME nickel prices currently holding at above $8 per pound, we hope to see THPAL’s performance improving in the coming months,” Nickel Asia president and chief executive Gerard Brimo said in a statement.