MANILA, Philippines — Benguet Corp. incurred a net loss of P37 million in the first quarter of the year, almost double from the previous year despite improvements in revenues.
In a disclosure to the local bourse, the company said net loss for the January to March 2018 period reached P36.5 million, 96 percent higher than the P18.6 million loss in 2017.
This despite revenues rising 26 percent to P336 million due to higher sales from gold and nickel.
The company shipped an aggregate volume of 108,635 metric tons (MT) of nickel ore, double from the 53,500 million MT shipped in 2017.
Total shipments increased to two boatloads from only one last year which slightly balanced the decrease in nickel ore prices to $20 per MT from $25 per MT in the comparative period last year.
On the other hand, gold produced during the period improved to 2,660 ounces from the 2,387 ounces in 2017.
This was coupled with the better average realized gold price of $1,330 per ounce during the quarter from the $1,222 per ounce last year.
Meanwhile, cost and operating expenses increased 32 percent to P357 million due to the higher cost of mine products sold.
The company expects improvement in its cash flows as it banks on better gold production and steady global market prices.
Aside from producing and marketing gold, nickel laterite ore and limestone, the company also provides logistics, port and shipping services, healthcare services, sells industrial equipment and supplies, and develops water resources and real estate projects.