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Nickel Asia profit nosedives on drop in 2023 nickel prices
Listed Nickel Asia Corp. (NAC) said its net income last year plunged by more than half due to lower nickel ore prices.
The company reported that its net income in 2023 reached P3.7 billion, 53 percent lower than the P7.9 billion recorded in 2022.
NAC attributed this to the increase in Indonesia’s nickel production which slashed nickel ore prices.
NAC said revenues from the sale of ore declined by 16 percent to P21.4 billion from P25.5 billion posted in 2022.
In terms of volume, operating mines sold a combined 16.5 million wet metric tons (WMT) of nickel ore, an improvement of 3 percent compared to the year prior.
“Despite the challenges in the global nickel industry, we remain on track to achieve our ambition of becoming a premier ESG investment and a Top 25 company in the PSE [Philippine Stock Exchange] by 2025,” NAC President and CEO Martin Antonio G. Zamora said in a statement.
“We are enthusiastic about three promising nickel projects, namely Dinapigue, Bulanjao, and Manicani, scheduled to either ramp up or kick off this year. Together, they are poised to significantly bolster our nickel ore sales volumes in the coming years.”
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- [Editor:邢亞敏]
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