Friday 19 January
Powered by Ajaxy
Apr 12, 2016 @ 8:10

Global Ferronickel profit slumps 77% in 2015

 

GLOBAL Ferronickel Holdings, Inc., the Philippines’ no. 3 nickel producer by output, saw its profits slashed by 77% in 2015, as lower production was compounded by the decline in nickel ore prices.

In a disclosure to the stock exchange, the company said its net income stood at P1.112 billion in 2015, 76.92% lower than the P4.817 billion profit in 2014.

Total volume exported dropped 15% to 5.352 million wet metric tons (WMT) in 2015, bringing total ore export revenues to $142.94 million, 47% lower than the previous year. Last year, the company refocused its production to middle-grade low-iron nickel ore, which mitigated the losses arising from low prices.

Tags: ,

Related Stories
Platinum Group Metals Corp.said its business as usual for its mine in Surigao del Norte
A subsidiary of Global Ferronickel Holdings Inc. has loaded its maiden shipment of nickel ore
A unit of Global Ferronickel Holdings Inc. has signed a contract with Golden Harbour International
Global Ferronickel Holdings Inc. is reviving its planned follow-on offering amid improving stock market conditions.


Read full Article here »

Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - bilyonaryo.com.ph.