Nickel Asia Corp. Reports 148% YoY Increase in Q1 Net Income, Backed by Strong Ore Prices and One-Time Gain

Published: May 9, 2025 09:24

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Nickel Asia Corp. (NAC) reported a 148% year-on-year increase in first-quarter net income to P501.03 million, mainly driven by stronger ore prices and an P800-million one-time gain from selling its 15.625% stake in Coral Bay Nickel Corp. to Sumitomo Metal Mining. Revenues from saprolite and limonite ore sales rose 16% to P2.36 billion, with average nickel ore prices increasing 18% to $16.40 per wet metric ton. Despite a decline in EBITDA to P969.63 million and reduced deliveries from the Taganito mine due to maintenance, equity losses from Taganito HPAL narrowed. NAC also approved a P2.53-billion equity infusion into its renewable energy arm, Emerging Power, Inc., as part of its strategy to diversify into clean energy.

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