finance start blog

PILIPINAS Shell Petroleum Corp. (PSPC) sees no cause to oppose the looming excise tax on diesel gasoline provided that it’s far applied in a coordinated way with the opposite income tax changes planned via the authorities.

“At the moment we stay assured that the increase of the financial system will remain healthful no matter the looming excise taxes. It will make pump prices higher, but honestly that’s still decrease than what we’ve seen before,” PSPC President Cesar G. Romero stated in an interview on Friday.

The House of Representatives is set to determine on a degree increasing the excise tax on diesel through P6 per liter subsequent Monday. BENGUET Corp., the u . S . A .’s oldest mining firm, stated on Friday it incurred a internet lack of P18.6 million within the first area of 2017, reversing the P55 million net income booked in the equal period remaining yr, because of a decline in nickel sales.

In a financial report, Benguet Corp. Said the decline in nickel revenues turned into specially due to the Department of Environment and Natural Resources’ (DENR) suspension order on its totally owned subsidiary Benguetcorp Nickel Mines Inc. (BNMI).

The DENR suspended BNMI—together with any other mining company, Zambales Diversified Metals Corp. (ZDMC)—due to “diverse alleged environmental crimes, violations of the mining and environmental laws, and lawsuits of diverse agencies against the alleged environmental influences” of their mining operations. On February thirteen, BNMI received a cancellation order from the DENR, cancelling its Mineral Production Sharing Agreement subject to compliance with the provisions of the law on mine rehabilitation of disturbed areas due to the mine audit performed by the DENR in August 2016.

As a result, Benguet Corp. Said consolidated sales dropped fifty eight percentage to P266 million from final yr’s P636.2 million.

Cost and running expenses fell via 50 percent to P270.2 million this zone because of a lower in price of mine products bought and selling wellknown prices.

For this quarter, BNMI shipped handiest one boatload nickel ore weighing 53,500 heaps with a median charge of $25 in step with ton, in comparison to 8 boatloads with an mixture volume of 405,185 tons at an average charge of $24.Eighty two in line with ton for the identical length remaining 12 months, inflicting revenues to lower by using 91 percentage or P784.Four million.

BNMI incurred a P16.7 million net loss towards the P310.1 million internet profits recorded for the primary quarter of 2016.

Meanwhile, its Acupan Gold Project (AGP) additionally registered a internet loss of P2.Fifty seven million in first zone, narrower than the P5.1 million net loss recorded last yr, as higher running costs offset elevated gold output this area.

Its Irisan Lime Project’s (ILP) net earnings declined by using eleven percentage to P2.Ninety three million from P3.29 million a year ago due to higher prices as a result of the increase in oil costs, diesel being the primary enter in Irisan’s production process.

Benguet Corp.’s wholly owned subsidiary Benguet Management Corp. (BMC) and its subsidiaries, pronounced a consolidated net lack of P3.9 million from a internet earnings of P19.4 million closing 12 months, because of the suspension of BNMI.