On Nov. 23, Philippine nickel miner DMCI Mining Corp. Its net income fell 17 percent in the first nine months of 2022 due to lower sales volumes and average nickel grades, the report said. Net income for DMCI Mining, a unit of Consunji-led DMCI Holdings Inc, fell to P1.17 billion from P1.41 billion in 2021. Net income fell 56% to 80 million pesos in the third quarter from 181 million pesos in the same period in 2021.
DMCI Mining president Tulsi Das Reyes said the company expected a significant drop in profit due to the depletion of the Berong mine by the end of 2021. Fortunately, a buoyant nickel market allowed the company to ship even Berong's low-grade stocks; In addition, strong nickel prices and the US dollar moderated the impact of lower shipments on earnings.
DMCI Mining's third-quarter performance was weighed down by a 50 per cent drop in shipments and flat nickel grade sales volumes, which were mitigated by higher selling prices and favourable exchange rates.
Total DMCI shipments fell "at a slower pace" from January to September 2022 as the Berong mine's first-half performance was better than expected.
