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Global Ferronickel Holdings Reports Higher Income in 2019

Metal News - Published on Tue, 07 Jul 2020

Image Source: Global Ferronickel Holdings
Global Ferronickel Holdings Inc booked a net income of PHP 1.303 billion in 2019, more than doubling its PHP 509-million profit the year before. Its revenues increased by 21.3 percent to PHP 6.655 billion last year from PHP 5.487 billion in 2018, driven by higher nickel ore prices and ore volume shipped. This growth, however, was offset by an unfavorable exchange rate, which was lower by an average of 2.9 percent. This resulted in an exchange rate of PHP 51.65 for FNI’s export revenues, compared with PHP 53.18 in 2018.

Shipments of nickel ore rose to 108 vessels last year from 103 a year earlier because of favorable weather and increased operational efficiency.

For 2019, the product mix was 45-percent low-grade ore and 55-percent medium-grade ore, compared with the year-earlier’s mix of 47-percent low-grade and 53-percent medium-grade ore.

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Posted By : Yogender Pancholi on Tue, 07 Jul 2020
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