Benguet Corp. saw its earnings slashed in the first nine months of 2023 as lower volume of nickel ore shipments and gold productions dragged down revenues.
From January to September, Benguet’s net income fell by 56 percent to P412.8 million.
The company incurred a net loss of P25.8 million in the third quarter, lower than the previous year’s net loss of P28.4 million.
Unfavorable weather conditions prevailed in its nickel operation in Zambales during the quarter, prompting the temporary suspension of mining and shipping operations.
Furthermore, the continuing underground development and rehabilitation in the Acupan gold project failed to yield a satisfactory volume of profitable ore grades.
Benguet generated P1.8 billion in revenues for the nine-month period, down 40 percent from P2.9 billion in 2022.
Benguetcorp Resources Management Corp. sold 11 boatloads of nickel ore with aggregate volume of 586,294 tons valued at P1.24 billion during the period, lower from the 16 boatloads of nickel ore with aggregate volume of 851,208 tons valued at P2.15 million for the same period last year.
The Acupan Gold Project, on the other hand, sold 4,080.40 ounces of gold at an average price of $1,927.18 compared to 7,120.90 ounces of gold sold at average price of $1,832.27 per ounce for the nine months period of 2022.