Philex Mining profit jumps 14% in the first quarter

MANILA, Philippines — Philex Mining Corp. reported a net income of P130.58 million in the first three months of this year. This was an increase of 14 percent from P114.72 million in the same period a year ago. In a disclosure on Friday, the listed firm attributed the boost in its profitability to higher revenues

INQUIRER FILE PHOTO MANILA, Philippines — Philex Mining Corp. reported a net income of P130.58 million in the first three months of this year.

This was an increase of 14 percent from P114.72 million in the same period a year ago. In a disclosure on Friday, the listed firm attributed the boost in its profitability to higher revenues and metal prices.

Revenues in the three-month period increased by 9 percent to P1.895 billion. However, its operating costs rose by 7 percent to P1.

76 billion due to higher production costs and other related expenses. Even so, gold prices averaged $2,587 per ounce, rising by 25 percent. Average copper prices went up by 8 percent to $4.

32 per pound. Meanwhile, gold and copper output dropped to 6,083 ounces and 4.595 million pounds, respectively.

“Operating an ageing Padcal Mine continues to pose challenges to the company’s ability to operate efficiently in an environment of high metal prices and we rely heavily on the resiliency of our employees,” said Philex Mining. Subscribe to our daily newsletter By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy .

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