Benguet incurs net loss of P68 M in 1st half

MANILA, Philippines — Listed miner Benguet Corp. has incurred a net loss of P67.6 million in the first semester of the year, nearly 60 percent higher from the previous year’s P43.3 million amid lower revenues and production.

The company’s revenues went down by 38 percent to P424.6 million due to the decline in nickel and gold revenues.

The firm’s Acupan gold project milled 11,328 metric tons, lower than the 11,944 MT for the same period last year. This resulted to lower production of 1,928 ounces of gold.

For the first semester this year, Benguet Corp. only shipped out one boatload of 1.5 percent nickel ore with a volume of 55,000 MT at an average price of $22.50 per MT.

This was lower than the four boatloads ranging from 1.4 percent to 1.5 percent nickel ore with an aggregate volume of 218,635 MT at an average price of $20.50 per MT in 2018.

The decline in nickel revenue is attributed to the suspension of operations and high swell in Candelaria port.

Gold revenues also decreased to P262.6 million due to lower output and lower global prices at $1,308.12 per ounce versus $1,317.71 per ounce in the comparative period.

Meanwhile, cost and operating expenses decreased by 29 percent to P502 million due to the lower cost of mine products sold.

Aside from producing and marketing gold, nickel laterite ore, 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.