MANILA, Philippines — Listed miner Benguet Corp. incurred a net loss of P61 million in the first quarter, up 66 percent on lower revenues and production.
In a disclosure to the local bourse, the company said revenues went down 45 percent to P187 million due to lower volume of milling tonnage and no shipment of nickel ore for the quarter.
The firm’s Acupan gold project milled 8,658 MT, lower than the 14,470 MT recorded a year ago.
However, Benguet was not able to ship out nickel ore due to lower prices.
Meanwhile, cost and operating expenses decreased 33 percent to P241 million due to the lower cost of mine products sold.
The company expects improvement in its cash flows as it banks on better gold production and steady global market prices.
Aside from producing and marketing gold, nickel laterite ore, limestone, the company also provides logistics, port and shipping services and healthcare services.
Benguet sells industrial equipment and supplies and develops water resources and real estate projects.