Benguet trims losses in 9 months

MANILA, Philippines — Benguet Corp. has incurred a net loss of P95 million in the first nine months of the year, down 23 percent amid lower production and prices in the global market.

In a disclosure to the local bourse, the company said net loss for the January to September 2019 period totalled to P95 million, 23 percent lower than the P123.4 million loss in 2018.

Revenues declined by 27 percent to P607.9 million due to lower shipment of nickel ore and lower gold production.

The firm’s Acupan gold project milled 33,301 metric tons, lower than the 33,943 MT last year. This resulted in lower production of 5,824 ounces of gold.

AGP trimmed its net loss to P1.5 million due to higher global prices, which rose to $1,364.39 per ounce from $1,288 per ounce the previous year.

For the nine-month period, Benguet Corp. only shipped out one boatload of 1.5 percent nickel ore with a volume of 55,000 MT at an average price of $22 per MT.

This is lower than the four boatloads ranging from 1.3 percent to 1.4 percent nickel ore with an aggregate volume of 218,635 MT at an average price of $20.50 per MT in 2018.

Meanwhile, cost and operating expenses decreased 24 percent to P709.4 million due to lower nickel ore shipment tonnage and lower tonnage of gold milled.

Aside from producing and marketing gold, nickel laterite ore, limestone, the company also provides logistics, port and shipping services, healthcare services, sells industrial equipment and supplies, and develops water resources and real estate projects.