FNI decries Sy’s arrest

Global Ferronickel Holdings Inc. (FNI), the country’s second-largest nickel producer, has denounced the arrest and detention of its chairman, Joseph Sy, on allegations of being an “overstaying alien.”

FNI said the charge is baseless, stressing that Sy is a Filipino citizen as affirmed by multiple rulings from the Bureau of Immigration, Department of Justice, Office of the President, Securities and Exchange Commission and the Supreme Court.

Sy entered the country using a valid Philippine passport, which the Supreme Court has recognized as proof of citizenship. FNI described his detention as a “grave injustice” and expressed confidence that the truth and the law will prevail.

No disruption

The company assured investors and stakeholders that its operations remain stable, legitimate and unaffected by the case.

In the first half, FNI posted a 200.4 percent surge in net income to P622.1 million from P207.1 million a year earlier, driven by higher nickel ore prices.

Revenues rose 6.9 percent to P3.288 billion despite a 23.2 percent drop in sales volume to 1.620 million wet metric tons (WMT). The average realized nickel ore price climbed to $35.61 per WMT from $25.35, with both low- and medium-grade ores recording sharp increases.

Palawan revenues grew 8.5 percent to P2.096 billion despite weaker shipments, while Surigao revenues rose 4 percent to P1.186 billion despite a 29.5 percent volume decline.

Cost of sales fell 16.4 percent to P1.451 billion, while operating expenses were steady at P1.079 billion.