Global Ferronickel Holdings Inc. (FNI) reported a more than 150 percent increase in net income in 2019 to P1.303 billion from P509 million in 2018 due to favorable weather conditions and increased operational efficiency.
FNI revenues rose 21.3 percent to P6.655 billion compared with P5.487 billion in 2018 on higher nickel ore prices and volume shipped.
FNI said the increase could have been higher if not for the unfavorable exchange rate which was lower by an average of 2.9 percent compared to the previous year. The average realized Philippine peso over the US dollar for its export revenues was 51.65 against 53.18 in 2018.
FNI completed 108 shipments of nickel ore in 2019 from 103 shipments in 2018. These shipments sold solely to customers in China consisted of 2.660 million wet metric tons (WMT) low-grade nickel ore and 3.230 million WMT medium-grade nickel ore last year compared to the previous 2.658 million WMT low-grade nickel ore and 3.051 million WMT medium-grade nickel ore.
