Listed miner Marcventures Holdings Inc. on Monday said that its consolidated net profit increased by more than fourfold in the first nine months of the year on the back of higher shipments.
In a disclosure to the Philippine Stock Exchange, Marcventures said that its income reached P989 million in the period January to September 2013, up by 435 percent from last year’s level.
The company also said that its wholly-owned subsidiary Marc-ventures Mining and Devel-opment Corp. (MMDC) made 41 shipments of nickel ore with a volume of 2.279 million wet metric tons (WMT), an increase of 334 percent compared to the same period last year.
Total revenues generated from ore shipments in the first nine months of 2013 reached P2.03 billion, up by 239 percent from the first nine months of last year.
The consolidated net earnings for the period equates to an earnings per shares of 57 cen-tavos for the first nine months of the year.
“Demand for MMDC ore continues to remain very strong. Operations are ongoing and MMDC will continue to ship throughout the fourth quarter as long as the weather continues to operate,” Marcventures said.
MMDC holds a mineral production sharing agreement (MPSA) for a 4,799-hectare tenement located in Cantilan, Surigao del Sur.
The holding firm earlier announced that it is raising MMDC’s capitalization to P1 billion to increase the pro-duction capacity of its 120-hectare mine site.
The company said that its board of directors approved the increase in its authorized capital stock to P1 billion from P20 million.
Early this year, Marcventures announced that MMDC com-pleted the first phase of its major exploration program in its mining property in Northeast-ern Mindanao.
Measured, indicated and inferred nickel mineral resources of the nickel mine in Cantilan totaled 45.32 million WMT. The mineral ores contain a total of 344.74 MT of nickel.