“We are very pleased with our first quarter results despite the business challenges and tough market conditions we continue to face,” said Gerard H. Brimo, Nickel Asia president and chief executive officer.
“We will definitely build on this momentum as we now approach our peak shipment season which starts in the second quarter of the year,” he added.
The company told the stock exchange that the “significant turnaround” was because the combined effects of shipments of higher-value saprolite ore from its Rio Tuba and Taganito mines coupled with higher prices, a stronger US dollar, and much lower losses from the company’s equity share in its investments in Coral Bay and Taganito processing plants.
Nickel Asia said its net share of the losses on its 10% stake in the two plants amounted to just P10 million compared with the P226-million loss in the same period a year ago.
“The improved performance was mainly driven by lower operating costs coupled with higher cobalt prices, a bi-product of both plants,” it said.