Nickel Asia Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015
Aug 5 15
Nickel Asia Corporation announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported revenues of PHP 4,850,673,000 compared to PHP 7,640,114,000 a year ago. Income before income taxes was PHP 1,595,003,000 compared to PHP 5,091,974,000 a year ago. Net income attributable to equity holders of the parent company was PHP 814,614,000 or PHP 0.11 per basic and diluted share compared to PHP 2,536,728,000 or PHP 0.33 per basic and diluted share a year ago. Net cash flows from operating activities were PHP 1,721,326,000 compared to PHP 2,186,720,000 a year ago.
For the period, the company reported revenues of PHP 7,971,401,000 compared to PHP 9,338,290,000 a year ago. Decrease in revenue was due to the continuing decline in nickel prices. Income before income taxes was PHP 3,017,861,000 compared to PHP 5,565,878,000 a year ago. Net income attributable to equity holders of the parent company was PHP 1,490,381,000 or PHP 0.20 per diluted share compared to PHP 2,713,866,000 or PHP 0.36 per diluted share a year ago. Net cash flows from operating activities were PHP 2,060,586,000 compared to PHP 2,472,126,000 a year ago. Acquisitions of property and equipment were PHP 943,685,000 compared to PHP 796,403,000 a year ago. Acquisitions of AFS financial assets were PHP 8,987,507,000 compared to PHP 271,770,000 a year ago. EBITDA was PHP 5.83 billion compared to PHP 1.83 billion a year ago. The jump in earnings during the first half was mainly due to a combination of higher shipment volume and nickel prices.
Nickel Asia Corporation Reports Operating Results for the First Half Ended June 30, 2015
Jul 13 15
Nickel Asia Corporation reported operating results for the first half ended June 30, 2015. The company reported that four operating mines sold an aggregate 9.68 million wet metric tons (WMT) of nickel ore in the first half ended June 30, 2015, as compared to 7.73 million WMT in the same period last year, or an increase of 25%. Due to lower ore prices, however, the estimated value of shipments during the first half of 2015 decreased to PHP 7.46 billion compared to PHP 8.93 billion reported in the comparable period last year. The estimated realized nickel price on 6.07 million WMT of ore sales to Japanese and Chinese customers in the first half of this year averaged $23.10 per WMT, much lower than the average of $41.52 per WMT realized during the same period last year. It will be recalled that it was during the second quarter of last year when a surge in ore prices occurred due to the expectation of supply tightness resulting from the effects of the Indonesian export ore ban. With respect to low-grade limonite ore to both the Coral Bay and Taganito processing plants, which remain linked to LME prices, the Company realized an average of $6.22 per pound of payable nickel on 3.61 million WMT sold during the first six months of the year. This compares to an average price of $7.57 per pound of payable nickel on similar volumes sold during the comparable period last year. On a per mine basis, the Company's Taganito mine accounted for 38% of total shipments during this first half. The mine shipped a total of 1.10 million WMT of saprolite ore and 2.60 million WMT of limonite ore, including 2.06 million WMT to the Taganito HPAL plant. The comparable figures for last year were 949,000 WMT, 2.34 million WMT and 1.96 million WMT, respectively. The Rio Tuba mine accounted for 39% of total shipments, which consists of 2.21 million WMT of saprolite ore and 1.55 million WMT of limonite ore deliveries to the Coral Bay HPAL plant. For the comparable period last year, Rio Tuba sold 998,000 WMT of saprolite ore and 1.98 million WMT of limonite ore, of which 1.66 million WMT was delivered to the Coral Bay plant. Shipments from the Company's Cagdianao mine rose more than three times in the first half of the year to 1.0 million WMT compared to 322,000 WMT in 2014. Ore sales consisted of 309,000 WMT of saprolite ore and 695,000 WMT of limonite ore, compared to 212,000 WMT and 110,000 WMT, respectively, last year. The Hinatuan mine shipped a total of 158,000 WMT of saprolite ore and 1.05 million WMT of limonite ore during this first half, almost the same volumes as in the prior year's comparable period.