BENGUET Corp. reported a first-quarter net income of P518.56 million, more than nine times higher year on year, on the back of stronger revenues from its gold, nickel, and lime projects.
The listed mining company said in a stock exchange disclosure on Wednesday that revenues for the January-to-March period increased 314% to P1.28 billion from P408.46 million in the same quarter in 2020.
Revenues of the company’s Acupan gold project for the period increased 31% to P207 million due to higher production and gold prices.
“Total gold sales reached 2,387 ounces as against the prior year’s first quarter sales of 1,959 ounces. Average prices rose from $1,585.91 per ounce in first quarter in 2020 to $1,801.13 per ounce this quarter,” the company said in the disclosure.
Revenues of Benguetcorp Nickel Mines, Inc. (BNMI) for the period amounted to P1.05 billion as a result of higher shipments and nickel prices.
“The positive variance was mainly attributable to the eight boatloads of nickel ore exported during the first three months of 2021 with an aggregate volume of 435,475 tons valued at P1.05 billion compared to three boatloads weighing 158,650 tons valued at P205.2 million for the same period last year,” the company said.
“The favorable market is reflected in the increased average selling price of BNMI’s nickel exports for the quarter this year to $49.31 per ton almost double the average price of $24.87 per ton for the same period in 2020,” it added.
Revenues of the company’s Irisan lime project reached P18.4 million for the quarter, with sales volume up 19% to 1,963 tons from 1,646 tons last year.
“Lime products were sold at average price of P10,237 per ton this quarter versus P10,370 per ton in 2020 first quarter,” the company said.
Meanwhile, Benguet Corp. said its costs and operating expenses for the period also went up 68% to P571.1 million from P340.75 million last year.
“Expenses unavoidably went up due to higher corresponding production, selling expenses, and payment of excise taxes and royalty fees to the government…,” the company said.
Moving forward, Benguet Corp. said it would continue to pursue a growth strategy as it maintains precautionary measures to ensure the safety of its employees, contractors, and host communities.
On Wednesday, shares of Benguet Corp. “A” at the stock exchange rose 5.2% or 21 centavos to end at P4.25 apiece while stocks of Benguet Corp. “B” improved 2.01% or eight centavos to finish at P4.06 per share. — Revin Mikhael D. Ochave