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Nickel Asia Q1 profit jumps to P501.03M on higher ore prices, CBNC stake sale
Nickel Asia Corp. (NAC) reported a significant 148% increase in its net income for the first quarter, reaching P501 million, up from P202.38 million in the previous year.
This substantial profit growth was driven by a combination of higher ore prices and a one-time gain from the sale of a stake in Coral Bay Nickel Corp.
The company's ore exports saw a slight increase to 0.66 million wet metric tons (WMT) in the first quarter.
Export prices for saprolite ore surged by 43%, averaging $36.60 per WMT compared to $25.57 per WMT in the same period last year.
NAC recognized a P800 million gain from divesting its 15.625 percent interest in Coral Bay Nickel Corp.
NAC anticipates continued revenue growth in the second quarter, supported by improved weather conditions, the reopening of its Surigao, Manicani, and Dinapigue mines, and the ongoing recovery of nickel ore prices.
Further efficiency gains in production and shipping are expected from enhancements to the causeway at its Dinapigue mine.
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