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Global Ferronickel Reports 97% Decline in Profits in 2016
Apr 19,2017 16:24CST
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Source: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. 

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. 

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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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