The Zamora family-led Nickel Asia Corp. (NAC) said profits during the first quarter of 2024 fell 79 percent to P202 million while revenues shed 41 percent to P2.1 billion due to lower ore prices caused by an oversupply in the nickel industry.
Earnings before interest, taxes, depreciation, and amortization also tumbled to P1.05 billion from P2.21 billion in the prior year.
The average nickel ore sales price shed 48 percent to $13.84 per wet metric ton (WMT), compared to $26.80 per WMT last year, despite a slight increase in sales volume to 2.61 million WMT.
NAC’s operating mines sold a combined 2.61 million WMT of nickel ore during the period, slightly higher than last year’s 2.39 million WMT.
