NICKEL miner Marcventures Holdings Inc. registered a net loss in the first six months of 2015 from a net income of P145.73 million a year earlier on the back of lower nickel prices.
The company incurred P165 million in net losses during the first half of the year.
Revenues slowed to P696.77 million, up 6.1 percent from P656.5 million.
“The impact of the drop in prices of nickel ore in the world market resulted in a decrease in selling price. Despite an 80-percent increase in volume there was only a slight increase in sales revenue,” the company said.
Marcventures sold 1.04 million wet metric tons (WMT) of nickel ore, up 80 percent from 579,781 WMT.
The global average price of nickel dropped to $11.25 per MT from $23.75 MT, which brought the average selling price of Marcventures down to P669.52 per WMT from P1,132.32 per WMT.