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*on buyback* Global Ferronickel Holdings, Inc.
Just listed to Ms. Gina Lopez' interview on tv just now.

watersheds are still for closure.
Trading stocks is never a sure thing. Please do your own homework before pressing the button.

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...aftermath...if this is their largest loss, then things could only get better

Global Ferronickel profits plunge 97%

GLOBAL FERRONICKEL Holdings, Inc. (GFNi) saw profits fall by over a billion pesos last year, amid lower volumes and a slump in nickel ore selling prices.

In a regulatory filing, the country’s second top nickel supplier said its net income plunged 97% to P37.5 million in 2016, from P1.11 billion in 2015.

Gross revenues dropped by 51% to P1.46 billion last year, from P3.02 billion in 2015.

GFNi said sale of nickel ore generated total export revenues of P3.77 billion, 42% lower from 2015’s P6.53 billion. This was attributed to “lower volume shipped, change in product mix and decline in the selling price of nickel ore.”

Total nickel ore shipped last year from its Cagdianao mine in Surigao del Sur, its lone operating mine, reached 4.309 million wet metric tons (WMT) of nickel ore, 19% lower than the 5.352 million WMT of nickel ore exported in the prior year. The shipments were delivered solely to customers in China.

“The reduction in shipments was brought about by unfavorable weather conditions which affected production and loading operations. The decrease in the export revenues was aggravated by the decline of nickel ore price from last year’s average of US$26.69/WMT to only US$17.93/WMT average for the year ended Dec. 31, 2016 lower by US$8.76/WMT or 33%,” GFNi said.

Cost of sales likewise decreased by 34% to P2.3 billion for 2016, compared to P3.5 billion a year ago.

“The decrease in cost of sales was due to decline in the volume shipped, change in product mix as more low grade ores were shipped in 2016 as compared to the same period in 2015 and as the result of cost rationalizations and greater operational efficiencies,” the nickel miner said.

During the period, GFNi’s operating expenses fell 29% to P1.25 billion from the P1.77 billion in the prior year.

Earlier this month, GFNi said its mine in Cagdianao, through its wholly owned subsidiary Platinum Group Metals Corp., (PGMC), began delivery of nickel ore to China.

PGMC has earlier signed supply agreements for the delivery of up to 4 million WMT at prevailing market prices to several “long-standing” customers based in China.

The company is hoping to secure more supply deals to match its export target of 6 million WMT for 2017.

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...share buyback si FNI

Pursuant to the board-approved share buy-back program, FNI purchased from the market today, October 3, 2017, a total of 1,400,000 FNI common shares at the average price of Php 2.8140/share.
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GFNI 9-month profit surges to P780M on improved ore prices

GLOBAL FERRONICKEL Holdings, Inc. reported its profit surged to P779.9 million in the first nine months of 2017, driven by improved ore prices and production.

In a statement on Wednesday, the country’s second biggest nickel miner by output said net income in the January to September period stood at P779.9 million, a huge jump from the P7 million logged during the same period last year.

GFNI’s revenue soared 72% to P4.646 billion, as the company benefitted from better selling prices and product mix, as well as favorable foreign exchange rate.

“We are in a business with high degree of operating leverage. We have successfully addressed both the revenue and cost side which directly translate to our bottom line. Such brisk growth reflects good progress on our previously announced productivity initiatives which drove higher shipped volume,” GFNi President Dante R. Bravo was quoted as saying in a statement.

During the nine months ending September, GFNI said shipments stood at 4.9 million wet metric tons (WMT), up 43% from a year ago.

“Average realized price climbed to $18.77 per WMT, as more medium-grade ore were sold which command higher market prices,” the miner said.

The product mix for the nine-month period was 58% low-grade ore and 42% medium-grade ore. In previous years, the mix was 65% low-grade and 35% medium-grade ore.

“With only a few days left before we close the mining season, I’m confident that we’ll finish the year strong and we’ll continue to invest in opportunities we see ahead for 2018 and beyond,” Mr. Bravo said.

He added GFNI continues to balance capital investments through its mineral exploration program as well as its buyback program. The firm has so far repurchased over P636 million worth of its stocks using free cash flow.

Earlier, GFNi said it completed exploration drilling activities at Cagdianao (CAGA) deposit areas 2 and 3. Measured and indicated mineral resources at CAGA deposit areas 1 to 5 went up to 54 million dry metric tons (DMT) with an average grade of 1.1% nickel and 31.4% iron.

Mineral reserves rose to 36 million WMT with an average grade of 1.22% nickel and 31.7% iron.

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GFNi ships 6M WMT of nickel ore for 2017

GLOBAL Ferronickel Holdings, Inc. (GFNi) on Monday said its subsidiary shipped six million wet metric tons (WMT) of nickel ore this year, as it commenced operations a month earlier than usual.

In a regulatory filing on Monday, the country’s second top nickel miner by output said Platinum Group Metals Corporation (PGMC) shipped a total of 5.97 million WMT of nickel ore this year, up 38.55% from the 4.309 million WMT shipped a year ago.

The company’s shipments are delivered mostly to customers based in China, which has the biggest demand for nickel ore in the world.

The firm’s operations period ran from March through October which is one month earlier than the typical production season which starts April.

“Over the past year, we have accomplished a remarkable amount of work to realize operational efficiency,” GFNi President Lawyer Dante R. Bravo said in the statement.

In a mobile text message to BusinessWorld on Monday, Mr. Bravo said target shipments for next year would be at par with this year’s deliveries.

“But depending on the weather and the price, we may increase it,” he said.

The firm’s Cagdianao nickel project covers 4,376 hectares in Sitio Kinalablaban, Brgy. Cagdianao in Claver, Surigao del Norte.

GFNi saw profit in the first nine months of the year soar, crediting improved ore prices and production, among other factors.

During the first nine months of the year, the miner saw net income swing to profit at P779.9 million, a huge surge from the P7 million booked in the same period a year ago.

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FNI to reduce size of follow-on offering

GLOBAL FERRONICKEL Holdings, Inc. (FNI) has slashed anew the size of a long-delayed follow-on share sale that will raise a maximum of P1 billion to prepay debt.

Global Ferronickel — formerly Southeast Asia Cement Holdings, Inc. and served as the backdoor listing vehicle of Platinum Group Metals Corp. (PGMC) — filed an amended registration statement for an offer size of up to 250 million common shares at a price of up to P4 apiece, the nickel producer said in a disclosure on Monday.

The new issue size is a far cry from the maximum amount of P31.03 billion that the miner had initially intended to raise when it filed an application with the SEC in December 2014 and lower than the roughly P2.025-billion offer that was approved by the Securities and Exchange Commission (SEC) in March last year.

The new offer price is also half the previous indicative price of P8.10 per share.

Abacus Capital and Investment Corp. was tapped as underwriter of the deal that will fund the prepayment of an existing loan, Global Ferronickel Executive Vice-President Dante R. Bravo said in a mobile phone message.

The timing of the equity offer will depend on when the company will secure the green light from the SEC and the Philippine Stock Exchange, Mr. Bravo said.

“We remain hopeful that this would be a better year for the mining industry,” he said.

Global Ferronickel is the second largest nickel producer in the Philippines and the largest single lateritic mine exporter in the world.

In November, FNI sealed an agreement with Vi Holding, LLC., a member of an international investment and industrial group from Russia, for the implementation of joint business projects in the processing of lateritic ores.

The government’s intensified crackdown on miners has cast a cloud of uncertainty over the mining industry, forcing several companies to shelve their capital-raising plans.

Canadian miner TVI Pacific, Inc. put on hold a planned P1.515-billion initial public offering of its affiliate TVI Resource Development Philippines, Inc. that would have funded the capital expenditure requirements of a gold-silver project in Zamboanga del Sur, as well as development of the company’s other projects.

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