Benguet Corp. reports 6% lower income

BENGUET Corp. recorded an after-tax net income of P1.33 billion in 2022, down 6.3% from P1.42 billion a year earlier, despite ending last year with higher consolidated revenues.

In a stock market disclosure, the listed mining company said it recorded a lower bottom line “as fluctuations in noncash revaluation adjustments decreased but still commendable given the current economic volatility due to pandemic hangover.”

Consolidated revenues last year reached P4.03 billion, higher by almost 5% compared with the P3.84 billion posted in 2021.

“The revenues were sourced mainly from nickel, gold, and lime sales,” Benguet Corp. said.

Operating income also increased by 5.7% to P1.66 billion from P1.57 billion previously.

“The upward trend was supported by elevated metal prices and favorable foreign exchange that prevailed through most of the year,” the company said.

On Monday, shares in the company finished unchanged at P4.87 apiece.