Global Ferronickel Reports 97% Decline in Profits in 2016

Published: Apr 19, 2017 16:24

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Global Ferronickel reported its net income tumbled 97 percent to P37.5 million in 2016, down from P1.11 billion in 2015, it said in a regulatory filing.

SHANGHAI, Apr. 19 (SMM) - Global Ferronickel reported its net income tumbled 97 percent to P37.5 million in 2016, down from P1.11 billion in 2015, it said in a regulatory filing.

Jiangsu Delong Nickel Puts Online NPI Project in Indonesia

The company attributed the drop to lower volumes and a slump in nickel ore selling prices.

The company's gross revenues plunged 51% to P1.46 billion last year, down from P3.02 billion in 2015.

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