GLOBAL Ferronickel Holdings, Inc. (FNI), the second largest nickel producer in the country and the largest single lateritic mine exporter in the world, swung to a net loss in the first half as bad weather affected production and loading operations.
FNI incurred a net loss of P281.9 million in the first half of the year compared to a net income of P153 million in the year-earlier period.
For the second quarter, it reported a net loss of P97.9 million compared to a net income of P417 million a year ago.
“Notwithstanding the challenging conditions in the second quarter of 2016, we are positive about FNI’s prospects. In the face of tough market conditions, we demonstrated our ability to reduce costs and achieve better production efficiencies,” FNI president Atty. Dante Bravo said,
FNI shipped 1.04 million wet metric tons (WMT) of nickel ore in the second quarter at an average selling price of $13.35 per WMT, down sharply from $26.15 per WMT last year.
As a result of lower shipments and weaker average selling prices, total revenue fell to P663.2 million in the second quarter from P1.79 billion a year ago.