Photo credit: Marcventures
Marcventures Holdings Inc. (MHI) consolidated income surged to P790.31M with a robust third quarter performance of Marcventures Mining and Development Corp (MMDC).
Amid the unstable weather conditions on the first half of the year coupled with the difficulties brought by the pandemic, MHI’s net income rose to P790.31M on the third quarter. With a 30% increase amounting to P183.02M, this brings a solid growth of P627.13M, a 384% rise compared to last year’s income of P163.79M from the same period.
MMDC’s YTD Revenue of P2,851.32M is 7% lower than the P3,054.29M target, but shows a major growth of P1,088.57M or 62% increase, side by side with last year’s revenue of P1,762.75M.
With significant changes in operations and management and the support of the LGUs and leading government agencies, MMDC completed 25 shipments in the 3rd quarter bringing the year-to-date total to 30. It missed the target of 31 but surpassed last year’s 22 boatloads. The total ore shipment of 1.601M WMT is 6% lower than the target of 1.705M WMT, but 35% higher than last year’s 1,189M WMT shipment.
The mining company’s P1,317.56M YTD Cost of Sales posed a 15% dip from its P1,541.30M budget while the increased volume brought about by the efficient sales and production resulted in a 36% increase from last year’s P969.64M.
MMDC’s YTD Net Income of P875.73M, posed a 17% rise from the P746.74M target. More importantly, it tripled 2020’s P282.21M a distinct P593.52M increase or 210% year-on-year growth.
MMDC’s solid financial standing signifies its commitment to preserve the environment and support its host communities. The company continues to provide livelihood opportunities, educational and health assistance to all 42 communities in the municipalities Cantillan, Carrascal and Madrid, in Surigao del Sur.
Article courtesy of the Philippine Stock Exchange
