Marcventures Holdings Inc. (MHI) reported on Wednesday that it registered a consolidated net income of P37.8 million last year, reversing its P388.8-million net loss in 2018.
In a disclosure, the listed nickel miner credited the turnaround to increased tonnage and the reduction of mining and overhead costs by almost 30 percent.
Marcventures President Isidro Alcantara said his company’s overall performance last year largely pushed its income to further improve in the first half of 2020. This led to a net income of P196.7 million in the period.
For June alone, wholly owned subsidiary Marcventures Mining and Development Corp. (MMDC) posted a net income of P316.9 million.
According to him, the early and strict implementation of mining protocols under the Mines and Geosciences Bureau and respective local government units allowed normal, though delayed operations despite the coronavirus pandemic.
“The parent company had to step in for 2019 and made wholesale changes by fully revamping mine management and making changes in [the] MMDC corporate management to recover profitable operations. MMDC actually operated without a CEO (chief executive officer) for 2019, as the board and the holding company, MHI, took an active part,” Alcantara said.
For this year, Marcventures is optimistic about further increasing its mining tonnage, to be supported by a combination of cost efficiencies and improving nickel prices.
It intends to develop its other mining properties in Surigao under BrightGreen Resources (Nickel) Corp. in time for the improved market.
It is also undertaking activities for their bauxite properties, the raw material for aluminum, in Samar prior to applying for their environmental compliance certificate and approval of mining project feasibility.
Marcventures shares climbed by 3 centavos or 3.66 percent to close at 85 centavos each on Wednesday.