Marcventures Mining and Development Corp. (MMDC), the wholly owned subsidiary of Marcventures Holdings Inc., said on Tuesday that its net income increased by 172 percent in the first half of the year after increasing its shipments by threefold.
In a disclosure to the Philippine Stock Exchange, MMDC said that its net profit amounted to P304.2 million in January to June 2013, from P112 million a year ago.
“Operations began in May 2013, these record results were achieved in less than two months of the second quarter of 2013 in the face of weak commodity prices,” MMDC said.
During the period, MMDC completed 14 shipments with a total volume of 787,961 wet metric tons (WMT) of nickel ore, as compared to 259,593 WMT in the same period last year.
Total revenue generated from ore shipments in the first half of 2013 amounted to P695.6 million, or 121 percent higher than P315.1 million in the same period last year. This translate to a consolidated net profit of P331 million for the three months ending June 30, 2013, as compared to P136.8 million in the same period last year.
MMDC said that demand for its ore remains very strong, noting that it is currently pursuing increased mining and shipping operating with an aggressive bias toward cost reduction and responsible volume expansion.
“We look forward to even better results for the third quarter, as long as the weather continues to cooperate,” the company said.