In a disclosure to the stock exchange, MHI said it booked a P137.5 million net income, a reversal of the P128.27 million loss incurred in the same period last year.
This was driven by the P316.9 million earned in the first full month of mining in June.
MHI attributed the financial turnaround to increased tonnage, cost reduction of 30% and changes in mine and corporate management.
Last year, MHI posted a net income of P37.8 million as against the P388.9 million loss reported in 2018. This was due to the strong performance of its subsidiary Marcventures Mining & Development Corp. (MMDC).
MHI management took an active part in MMDC which operated without a CEO for 2019.
MMDC holds a mineral production sharing agreement covering an area of 4,799 hectares located in Cantilan, Surigao del Sur.
Its main product is nickel ore, with China as its principal market.