Benguet nets P637M in ’12

MANILA, Philippines - At its annual stockholders meeting last week, Benguet Corp. reported a consolidated net income in 2012 of P637 million from revenues of P1.8 billion, steadily sustaining its growth from the previous year.

This was spurred by increased revenues from the nickel operation contributing 61 percent and the gold operation accounting for 24 percent of the total.

Operating revenues significantly increased by 83 percent to P1.8 billion in 2012 from P994 million in 2011.  The company’s nickel operation, operated by its subsidiary BenguetCorp Nickel Mines, Inc. (BNMI) contributed P1.1 billion or an increase of 120 percent from the P501 million in 2011.

Total volume of nickel ore shipped reached 1.5 million tons, with BNMI’s own operation accounting for 735,000 tons equivalent to 15 boatloads, with the balance provided by its contractor in the designated area.

The Acupan gold operation output increased considerably, producing 6,238 ounces, a 35 percent increase from the 2011 production of 4,625 ounces. Milling rate closed at 149 tons per day in 2012.

The improved production coupled with higher gold prices pushed gold revenues to P439 million from 2011’s P317 million. 

The company’s several subsidiaries performed creditably well in 2012. Benguet Management Corp. (BMC) and its subsidiaries’ consolidated revenues grew ten-fold from P59 million in 2011 to P511 million in 2012.  Net earnings amounted to P88 million in 2012, an increase of 136 percent over 2011.

Benguet is moving forward with its strategic projects that include the expansion of its nickel and gold operations. It is also committed to be the pioneer in gold tailings reprocessing.

It has embarked on a program of revitalizing not only its mining services business lines, but also building up its non-mining projects that will provide additional income streams.

It remains positive that the coming year will show increased production in its operations.