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Nickel Asia 9 months Profit Down on Weak Prices

Metal News - Published on Wed, 13 Nov 2019

Image Source: nickelasia
Nickel Asia Corp said that its net profit fell 43% in the nine months to September due to weak nickel prices as well as a stronger peso and investments in loss-making processing plants. In a disclosure, the miner said it booked a PHP 1.917 billion in its preferred form of reporting profit net income attributable to equity holders against PHP 3.366 billion a year earlier. It said earnings before interest, tax, depreciation, and amortization declined 24% to PHP 4.60 billion.

Nickel Asia said that “The drop in the company’s earnings is mainly due to a combination of a weaker average nickel ore price, a stronger peso and the company’s share of losses from its investment in both the Coral Bay and Taganito processing plants.”

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Posted By : Arun Huidrom on Wed, 13 Nov 2019
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