BENGUET CORP. reported a net loss of P68.3 million for the third quarter (Q3), widening from P11.1 million a year earlier, as rising operating costs offset gains in revenue.
Total revenue from minerals rose 29.2% to P379.5 million from P293.7 million, supported by a 35.8% increase in average gold prices to $3,397.27 per ounce, the company said in a regulatory filing on Wednesday.
However, cost and operating expenses climbed 63.4% to P520.1 million from P318.4 million, which the company attributed to higher volumes of nickel ore shipped.
For the January-to-September period, net income reached P555.5 million, more than doubling from P256.7 million in 2024.
Revenue from the company’s Acupan Gold Project (AGP) in Q3 increased 36.7% to P345 million from P252.3 million a year ago, driven by higher production and gold prices.
“Increase in production is due to the higher volume of ore milled this year. AGP milled 7,755 tons at an average mill head of 8.01 grams per ton gold in the third quarter, higher compared to 7,333 tons with an average mill head of 8.49 grams per ton gold for the same quarter in 2024,” the company said.
The Sta. Cruz Nickel Project (SCNP) posted a P19.3-million net loss for Q3, narrowing 63% from a P52.2-million loss last year.
Benguet Corp. said no nickel ore shipments were made by its nickel subsidiary Benguetcorp Resources Management Corp. due to intense rains and swells caused by typhoons and low-pressure systems in Zambales.
Revenue from the Irisan Lime Project (ILP) fell 7.1% to P21.1 million from P22.7 million.
The company said it is exploring more energy-efficient machinery and potential relocation sites to remain competitive, while planning to convert the current ILP site into a real estate project.
Benguet Corp. added that it continues exploration, research, and development in Bataan, Zamboanga City, Surigao del Sur, and Agusan del Norte.
On Thursday, Benguet Corp. “A” shares fell 5.6%, or 25 centavos, to close at P4.20 apiece, while Benguet Corp. “B” shares held steady at P4.88 apiece. — Vonn Andrei E. Villamiel