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Benguet Corporation Discloses Poor 9M2016 Fiscal Results

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MANILA, Philippines – Benguet Corporation (PSE:BC) reports weaker nine-month financial results with a net income amounting to only P2.46 million on the back of a P320.43 net income from the same period last year, a staggering 99 percent drop. The operating revenues during the previous nine months also plunged from P2.8 billion to P1.35 billion against last year record, a 52 percent drop. Meanwhile, other revenues increased from P6.74 million to P104.22 million.

For the third quarter, the company booked a net income at P33.7 million compared to P79.8 million net loss last year, a 142 percent improvement on the positive side. Alternatively, revenues during the same period decreased from P231 million to P197.9 million, lower by 14 percent.  Despite this, miscellaneous revenues increased from P6.49 million to P119.45 million.

Assets of the company as of September 30, 2016 slightly decreased from P6.65 billion last year to P6.46 billion this year. Total liabilities also declined marginally from P2.84 billion to P2.64 billion this year. Equity is now P3.82 billion. Retained earnings of the company improved slightly to P2.057 billion.

Earlier this month, the company took responsibility for the leak tailing at Antamok, which was observed last week causing alarm among residents. The company issued the statement stating the minor mine leak is due to the Super Typhoon Lawin’s unusually heavy rains. In order to mitigate the problem, a drain tunnel of the underground Antamok mine has been breached. As of the statement’s release, there are no further leaks found.

The outflows found in the area were preliminary estimated to be around 50,000 metric tons. It is considered less compared to other mines’ incidents.

BC stated that the mines, which are both underground and open pit, have been maintained and cared for throughout its operations. It added that there are no reports of undue harm to residents in the area, even private property disruptions due to the mining operations.

Benguet Corporation is one of the country’s mining companies recommended for suspension by the Department of Environment and Natural Resources (DENR) after a system-wide audit for the industry last August 2016. The company contested the department’s proposal articulating that the company has long been caring for the environment while keeping its mines’ rehabilitation.

BC closed at P2.30 per share as of November 18, 2016, up by 25.68 percent year to date.

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