BENGUET CORP. reported a net lack of P68.3 million for the third quarter (Q3), widening from P11.1 million a yr earlier, as rising operating costs offset gains in revenue.
Total revenue from minerals rose 29.2% to P379.5 million from P293.7 million, supported by a 35.8% increase in average gold prices to $3,397.27 per ounce, the corporate said in a regulatory filing on Wednesday.
Nonetheless, cost and operating expenses climbed 63.4% to P520.1 million from P318.4 million, which the corporate attributed to higher volumes of nickel ore shipped.
For the January-to-September period, net income reached P555.5 million, greater than doubling from P256.7 million in 2024.
Revenue from the corporate’s Acupan Gold Project (AGP) in Q3 increased 36.7% to P345 million from P252.3 million a yr ago, driven by higher production and gold prices.
“Increase in production is attributable to the upper volume of ore milled this yr. AGP milled 7,755 tons at a mean mill head of 8.01 grams per ton gold within the third quarter, higher in comparison with 7,333 tons with a mean mill head of 8.49 grams per ton gold for a similar quarter in 2024,” the corporate said.
The Sta. Cruz Nickel Project (SCNP) posted a P19.3-million net loss for Q3, narrowing 63% from a P52.2-million loss last yr.
Benguet Corp. said no nickel ore shipments were made by its nickel subsidiary Benguetcorp Resources Management Corp. attributable to intense rains and swells brought on by typhoons and low-pressure systems in Zambales.
Revenue from the Irisan Lime Project (ILP) fell 7.1% to P21.1 million from P22.7 million.
The corporate said it’s exploring more energy-efficient machinery and potential relocation sites to stay competitive, while planning to convert the present ILP site right into a real estate project.
Benguet Corp. added that it continues exploration, research, and development in Bataan, Zamboanga City, Surigao del Sur, and Agusan del Norte.
On Thursday, Benguet Corp. “A” shares fell 5.6%, or 25 centavos, to shut at P4.20 apiece, while Benguet Corp. “B” shares held regular at P4.88 apiece. — Vonn Andrei E. Villamiel