May 05, 2013

On lower metal prices: Nickel Asia profit falls 65% in Q1

Nickel Asia Corp. registered a 65-percent drop in its net income in the first quarter of the year on lower metal prices and an appreciating peso. The company reported a net income of P100.3 M against P286 M in the same period last year. Total revenues during the first quarter of the year fell to P1.40 B from P1.75 B in 2012.

The company also sold a lower volume of nickel ore during the the first three months of the year. “Due to the seasonality of our business, typically the first quarter is the slowest quarter,” said Nickel Asia president and CEO Gerard Brimo. Volume is expected to pick-up in the next three quarters especially with the operations of the Taganito plant by the second half of the year.