Nickel Asia posts 11% income slide
BusinessWorld - NICKEL ASIA Corp. reported an 11% decline in attributable net income last year to P2.68 billion after the listed miner and ore exporter recorded a drop in its share from two mining investments.
In a disclosure to the stock exchange on Friday, the company said its share of equity in the net income of Taganito HPAL Nickel Corp. and Coral Bay Nickel Corp. decreased to P10 million in 2019, or much lower than the P348 million posted a year earlier.
“Last year was another challenging year for the company. The huge increase in nickel ore exports from Indonesia had put a dampener on ore prices for most of the year, making the company focus more on the sale of higher value saprolite ore,” said Nickel Asia President Martin Antonio G. Zamora in a statement.