0GLOBAL Ferronickel Holdings, Inc. (FNI), the second largest nickel producer in the country and the largest single lateritic mine exporter in the world, swung to a net loss in the first half as bad weather affected production and loading operations. FNI incurred a net loss of P281.9 million in the first half of the year compared to a net income of P153 million in the year-earlier period. For the second quarter, it reported a net loss of P97.9 million compared to a net income of P417 million a year ago. “Notwithstanding the challenging conditions in the second quarter of 2016, we are positive about FNI’s prospects. As a result of lower shipments and weaker average selling prices, total revenue fell to P663.2 million in the second quarter from P1.79 billion a year ago.

Source: Manila Times August 16, 2016 14:26 UTC