Benguet Corp revenues up

August 20, 2021 People's Tonight 150 views

THE continued surge in gold and nickel prices augured well for Benguet Corporation (BenguetCorp) in the first half of 2021.

Nickel and gold prices increased by 77% and 10% year on year.

The listed miner disclosed that its mid-year revenue climbed to ₱2.3 bilion, more than triple compared to the revenue a year ago of ₱702 million.

After tax income is ₱822 million, eight times the ₱99 million income in the same period last year.

Bullish demand and good weather prevailed, which allowed its wholly-owned nickel subsidiary to triple its export volume to 799 thousand tons of ore equivalent to 15 boatloads, compared to 265 thousand tons or 5 boatloads last year.

On the other hand, gold production likewise considerably increased by 44% as operations return to near-normal following the implementation of health and safety protocols during this pandemic.