Benguet Posts PhP1.385B Consolidated Net Income for 2011

Makati–(PHStocks)–Benguet Corp. (PSE: BC) has announced a consolidated net income of PhP1.385 billion for 2011, signalling a progressive growth story in its operatioons.

The ramped-up Acupan gold mining output and the continued ore shipments of BenguetCorp Nickel Mines Inc. (BNMI) provided the company with steady and recurring income base amid sustained high metal prices. To date, the company successfully retired 83% of its debt obligations and will continue to move towards full settlement in 2012.

Consolidated net earnings include non-recurring gains of PhP1.208 billion and income from operations of PhP262 million, or a 208% increase compared to 2010.

Revenues from gold had risen by 50% year-on-year and will continue to grow as milling capacity increases to 300 metric tons per day by the fourth quarter of 2012. Nickel delivered PhP533 million in revenues in 2011, an increase of 189% from PhP282 million in 2010. With the demand for metals in the world market remaining strong, the company expects the trend to further improve in 2012, premised on the projected increase in production capacity and high market prices of gold and nickel.

Benguet is moving forward in the development of its pioneering gold tailings reprocessing project, and in the expansion of its gold and nickel operations. It remains optimistic that the coming year will show robust net income performance, which will ultimately benefit all stakeholders.