Improved metal prices lift Nickel Asia profit to P3B
Nickel Asia Corp. reported a 14.1 percent growth in net income last year to P3.01 billion on higher prices of nickel and cobalt.
The company sold an aggregate 19.3 million wet metric tons of nickel ore as against 17.7 million WMT a year ago.
The increase in shipment volumes was mainly the result of higher export ore sales which, combined with an improvement in average realized ore prices and a more favorable peso to US dollar exchange rate, resulted to an 18% expansion in total revenue to P18.65 billion.
Direct export of ore, which accounted for 60% of total shipments, rose to 11.54 million WMT.
In terms of price, Nickel Asia realized an average of $5.95 per pound of payable nickel on its shipments of ore to the two HPAL plants. This is higher than the $4.67 per pound of payable nickel sold in 2017.
With respect to export sales, the Company achieved an average price of $21.53 per WMT compared to $24.42 realized the previous year.