Nickel Asia Corp. reported lower first-quarter earnings as weaker shipment volumes and global volatility weighed on results. The listed mining company, however, struck a confident tone on improving nickel fundamentals and its diversification.
Attributable net income fell 26 percent to P371.8 million in the quarter, while earnings before interest, taxes, depreciation, and amortization eased to P1.35 billion from P1.55 billion a year earlier. The company noted that last year’s results included a one-off gain from the sale of its stake in Coral Bay Nickel Corp., which inflated comparisons.
Still, management pointed to a shifting backdrop for nickel markets. President and chief executive officer Martin Antonio G. Zamora said: “We are seeing a shift in nickel market fundamentals, driven by developments in Indonesia, tighter production quotas, and rising input costs. These are reinforcing a more constructive outlook for nickel.”
He added that despite near-term macro pressures, the company remains confident in a stronger performance for the year.
Mining revenues rose 3 percent to P2.42 billion, supported by a 10 percent increase in realized ore prices to $18.03 per wet metric ton, even as shipment volumes declined 9 percent.
Beyond nickel, the company is accelerating its transition into a broader natural resources platform. In April, Nickel Asia signed an agreement to acquire a 20 percent stake in Kazakhstan’s East Copper Production LLP, marking a strategic entry into copper assets along the Central Asian Copper Belt.
The company is also scaling its clean energy arm, Emerging Power, Inc., where EBITDA jumped 130 percent to P267 million as renewable capacity expanded to 293 megawatt-peak. Power generation rose 63 percent year-on-year, driven by new solar capacity in Leyte.
Zamora said the company’s strategy is now clearly multi-commodity and future-facing: “These milestones reflect our continued transformation into a diversified, regional natural resources development company.”
Despite near-term earnings pressure, Nickel Asia said stronger mining output in the second quarter and firmer pricing conditions should support improved full-year performance.
