DMCI net income down by 17%

DMCI Mining Corp. reported a 17-percent drop in its nine-month net income of P1.17 billion, compared to last year's P1.41 billion, largely due to lower nickel ore shipments and average nickel grade sold during the period.

For the third quarter, net income declined by 56 percent to P80 million from P181 million year on year due to the combined effect of lower shipment, which dropped by 50 percent, and flattish nickel grade sold, which decreased by 1 percent.