Philex earns P432 M in Q1

MANILA, Philippines - Pangilinan-led Philex Mining Corp. reported a net income of P432.27 million in the first quarter, slightly higher than a year ago due to higher metal prices and favorable exchange rates.

In a regulatory filing, Philex said core net income in the January to March period grew 18 percent jump to P458 million while revenues inched up  four percent to P2.5 billion.

Revenue from gold was flat at P1.4 billion while revenues from copper and silver increased to P1.1 billion and P22 million, respectively.

The Padcal mine milled two million metric tons of ore, translating to 7.8 million pounds of copper, down seven percent despite copper grades improving to 0.21 percent.

Philex said the lower tonnage was due to fewer operating days and equipment availability issues.

Gold production, meanwhile, was lower by seven percent to 22,451 ounces of gold despite higher grades of 0.42 grams per ton and improved metal recovery rate for the mineral.

Philex said the higher average realized prices for gold at $1,264 per ounce partly offset the lower gold output while the decrease in copper output also countered the 23 percent hike in average copper prices to $2.77 per pound.

Meanwhile, the company paid $4 million out of its outstanding short-term bank loans, bringing down total debt to $58 million as of the end of March this year.