Marcventures Holdings reports P115.7M loss in Q1
Business

Marcventures Holdings reports P115.7M loss in Q1

Marcventures Holdings Inc. posted a net loss of P115.66 million in the first quarter as expenses surged.

The figure, however, was 6.7 percent lower than the previous year’s P123.96 million net loss.

The parent firm of nickel producer Marcventures Mining and Development Corp. had zero revenues during the period as it focused on preparatory activities consisting primarily of restoration of mine pit, waste dump site and settling pond, road widening and repair of roads.

It also incurred a P138.14 million loss from operations, 21.9 percent higher than the previous year.

Operating expenses jumped by 21.9 percent to P138.14 million, largely due to the 27.7 percent increase in taxes and licenses and other expenses which soared 856.12 percent.

The surge in expenses was partly offset by the decrease in salaries and wages by 28.89 percent due to management-approved reorganization to promote efficiency as well as lower rental.

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