Global Ferronickel Holdings, Inc. (FNI), the country’s second-largest nickel producer, reported a 203.7 percent jump in net income to P1.53 billion for the first nine months of the year, from P502.6 million a year earlier, driven by stronger nickel prices and tight cost control.

In a report on Tuesday, the company said earnings per share rose to P0.2978, while EBITDA climbed 102.2 percent to P2.44 billion, lifting the margin to 36.4 percent from 21 percent last year. 

Total revenues grew 16.6 percent to P6.68 billion as average realized nickel ore prices increased amid strong demand and tight supply. Costs and expenses dropped 6 percent to P4.8 billion. 

“Our strong nine-month results demonstrate the effectiveness of disciplined cost management, operational flexibility, and strategic foresight,” FNI President Dante R. Bravo said.

FNI sold 3.66 million wet metric tons of nickel ore, down 14.2 percent due to prolonged rains in its Palawan and Surigao sites.

Despite lower volumes, average prices rose 36.8 percent to $31.99 per WMT.

Ipilan Nickel Corp. in Palawan generated P2.30 billion in revenues, up 11.8 percent, while Platinum Group Metals Corp. in Surigao earned P4.37 billion, up 19.5 percent.