ORE turns around, posts Q1 profit of P163M

Manila, Philippines -  Publicly-listed Oriental Peninsula Resources Group Inc. (ORE) is on track in posting record-high earnings this year with higher than expected sales in the first quarter.

In a report to the Philippine Stock Exchange, ORE reported P162.834 million profits in the first quarter from a net loss of P3.421 million in the same period last year.

ORE noted that it was in pre-production stage in the first quarter last year as it only started commercial operations in the second quarter last year.

ORE chalked up P615.453 million total sales in the first quarter, or more than half of the P1.129 billion it posted for 2011.

At its main Toronto mine site in Narra, Palawan, ORE sold 12 vessels of nickel laterite ore in the first quarter this year. The said mine site sold a 17 vessels of nickel ore in the first nine months of operations last year.

The company deployed nine vessels in the first quarter this year from its Pulot mine site in Sofronio Española, Palawan. Only three vessels were deployed from the Pulot mine site in the second half last year.

Both mine sites are undergoing construction and development, road and causeway maintenance and rehabilitation.

ORE is taking a more ``aggressive “ stance this year as it is targeting the sale of 55 vessels nickel ore as part of its plan to triple production from one million to three million tons this year.

ORE is also reviewing proposals to build a ferro-nickel plant in the country to contribute to the government’s goal of boosting exports of processed metals.

The company said it does not foresee cash flow or liquidity problems in the next 12 months and is expected to pay up all its maturing debts during the period in line with management’s financing policy to maintain liquidity at all times.