Global Ferronickel profit slumps 77% in 2015
GLOBAL Ferronickel Holdings, Inc., the Philippines? no. 3 nickel producer by output, saw its profits slashed by 77% in 2015, as lower production was compounded by the decline in nickel ore prices.
In a disclosure to the stock exchange, the company said its net income stood at P1.112 billion in 2015, 76.92% lower than the P4.817 billion profit in 2014.
Total volume exported dropped 15% to 5.352 million wet metric tons (WMT) in 2015, bringing total ore export revenues to $142.94 million, 47% lower than the previous year. Last year, the company refocused its production to middle-grade low-iron nickel ore, which mitigated the losses arising from low prices.
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