February 24, 2017 10:24 AM ET

Metals and Mining

Company Overview of Nickel Asia Corporation

Company Overview

Nickel Asia Corporation engages in the mining and exploration of nickel saprolite and limonite ore, and limestone. The company operates four lateritic nickel mines, including Rio Tuba, Taganito, Cagdianao, and Hinatuan mines, which are located in the southern half of the Philippines. It also has five properties in various stages of exploration for nickel, as well as other properties for gold and copper. The company exports its saprolite and limonite ores to customers for use in the production of ferronickel and nickel pig iron to produce stainless steel and carbon steel in Japan, China, and Australia. In addition, it is involved in the chartering out of landing craft transport, as well as th...

NAC Tower

28th Floor

32nd Street

Bonifacio Global City

Taguig,  1634

Philippines

Founded in 1977

Phone:

63 2 892 6669

Fax:

63 2 892 5344

Key Executives for Nickel Asia Corporation

Nickel Asia Corporation does not have any Key Executives recorded.

Nickel Asia Corporation Key Developments

Nickel Asia Corporation Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016

Nickel Asia Corporation announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company reported revenue of PHP 5,082,180,000 compared To PHP 5,135,276,000 a year ago. Income before income tax was PHP 1,832,621,000 compared To PHP 2,005,185,000 a year ago. Net income after tax was PHP 1,235,266,000 compared To PHP 1,301,321,000 a year ago. Net income attributable to Equity holders of the parent was PHP 955,208,000 compared to PHP 1,001,729,000 a year ago. Basic and diluted earnings per share were PHP 0.13 compared to PHP 0.13 a year ago. For the nine months, the company reported revenue of PHP 10,599,162,000 compared To PHP 13,106,677,000 a year ago. Income before income tax was PHP 2,454,799,000 compared To PHP 5,023,046,000 a year ago. Net income was PHP 1,486,464,000 compared To PHP 3,475,615,000 a year ago. Net income attributable to Equity holders of the parent was PHP 979,629,000 compared to PHP 2,492,110,000 a year ago. Basic and diluted earnings per share were PHP 0.13 compared to PHP 0.33 a year ago. Net cash flows from operating activities was PHP 3,081,671,000 compared to PHP 4,133,808,000 a year ago, The decrease in cash from operations was due to lower sales revenue in the current period as a result of continuing decline in nickel prices. Acquisitions of property and equipment were PHP 1,369,474,000 compared to PHP 1,631,319,000 a year ago. Earnings before interest, tax, depreciation and amortization (EBITDA) amounted to PHP 3.97 billion compared to PHP 5.92 billion in the prior year. The decline in earnings was primarily the result of lower ore prices and marginally lower volume of sales. Also contributing to the drop in earnings is the company's share of the losses on its 22.5% equity interest in Taganito HPAL Nickel Corporation (THPAL) and a 10% equity interest in Coral Bay Nickel Corporation in the total amount of PHP 561 million, accounted for under the equity method. The profitability of the two HPAL plants was affected by very low nickel prices realized during the period. Acquisition of AFS financial assets was PHP 7,622,593,000 compared to PHP 11,983,014,000 a year ago.

Nickel Asia Corporation Reports Operating Results for the First Nine-Months Ended September 30, 2016

Nickel Asia Corporation reported operating results for the first nine-months ended September 30, 2016. The company's four operating mines sold an aggregate 15.18 million wet metric tons (WMT) of nickel ore shipments in the first nine months ended September 30, 2016, marginally lower compared to the 15.96 million WMT of shipments achieved for the same period last year. Lower shipment volumes coupled with the overall weakness in nickel ore prices led to a drop in the company's estimated value of shipments to PHP 9.94 billion in the first three quarters of the year from PHP 12.32 billion in the comparable 2015 period. With respect to low-grade limonite ore sold to both the Coral Bay and Taganito processing plants, which are linked to LME prices, the Company realized an average of $4.19 per pound of payable nickel on 5.44 million WMT sold during the first nine-months of the year. This compares to an average price of $5.74 per pound of payable nickel on 5.62 million WMT sold during the comparable period last year. The lower volumes compared to the prior year was due to remedial work conducted over a one month period at the Taganito HPAL plant, which reduced ore delivery from the company's Taganito mine. The work was completed in May 2016 and the plant has since resumed operations at full capacity. On a per mine basis, the company's Taganito operation accounted for 43% of total shipments. The mine shipped a total of 2.13 million WMT of saprolite ore and 4.37 million WMT of limonite ore, including 2.82 million WMT to the Taganito HPAL plant. The comparable figures for last year were 2.34 million WMT, 3.92 million WMT and 3.10 million WMT, respectively. The Rio Tuba mine accounted for 30% of total shipments, which consists of 1.47 million WMT of saprolite ore and 3.05 million WMT of limonite ore, including 2.62 million WMT delivered to the Coral Bay HPAL plant. For the comparable period last year, Rio Tuba sold 2.51 million WMT of saprolite ore, and 2.52 million WMT of limonite ore to the Coral Bay plant. The drop in ore shipments was mainly due to a change in the ore grade mix brought about by the impact of lower ore prices. The unfavorable weather conditions and the effects of sea swells during the first half of the year resulted to delays in the start of shipment from the company's Hinatuan and Cagdianao mines, thereby translating to lower shipment volumes during the first three quarters of the year. Shipments from the Hinatuan mine during this period amounted 2.48 million WMT compared to 2.72 million WMT in 2015, while the Cagdianao mine shipped 1.69 million WMT in 2016 versus 1.96 million WMT last year.

Nickel Asia Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and First Six Months Ended June 30, 2016

Nickel Asia Corporation announced unaudited consolidated earnings results for the second quarter and first six months ended June 30, 2016. For the quarter, the company announced revenues of PHP 3,815,590,000 compared to PHP 4,850,673,000 for the same period a year ago. Income before income tax was PHP 786,769,000 compared to PHP 1,595,003,000 for the same period a year ago. Net income was PHP 481,439,000 compared to PHP 1,136,836,000 for the same period a year ago. Net income attributable to equity holders of the parent company was PHP 325,198,000 compared to PHP 814,614,000 for the same period a year ago. Earnings per share, basic and diluted were PHP 0.04 compared to PHP 0.11 for the same period a year ago. For the six months, the company announced revenues of PHP 5,516,982,000 compared to PHP 7,971,401,000 for the same period a year ago. Income before income tax was PHP 622,178,000 compared to PHP 3,017,861,000 for the same period a year ago. Net income was PHP 251,198,000 compared to PHP 2,174,294,000 for the same period a year ago. Net income attributable to equity holders of the parent company was PHP 24,421,000 compared to PHP 1,490,381,000 for the same period a year ago. Earnings per share, basic and diluted were PHP 0.00 compared to PHP 0.20 for the same period a year ago. Net cash flows from operating activities were PHP 1,189,071,000 compared to PHP 1,971,722,000 for the same period a year ago. Acquisitions of property and equipment were PHP 624,700,000 compared to PHP 943,685,000 for the same period a year ago. Return on assets was 0.01% compared to 0.06% for the same period a year ago. Return on equity was 0.01% compared to 0.07% for the same period a year ago. Book value per share was PHP 3.3.

Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
September 15, 2016
Taganito HPAL Nickel Corporation
 

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