Philex first-quarter income hits P540M

By Eireene Jairee Gomez

PHILEX Mining Corp. core net income reached P540 million first three months of 2021, five times more than the P103 million earnings it reported in the same period last year.

In a disclosure on Friday, Philex attributed the higher profit to improved operating revenues arising from higher prices of gold and copper.

“The higher prices of gold and copper helped the company maintain its uninterrupted operations despite the challenges brought about by the pandemic. God willing, the favorable gold and copper prices will continue up to the end of the year, as the pandemic is still with us and many more challenges may lie ahead,” said Philex President and Chief Executive Officer Eulalio Austin Jr.

The average realized price for gold for the quarter was at $1,781 per ounce from $1,600 per ounce year-on-year while that of copper’s was $4.04 per pound from $3.95 per pound in 2020.

During the three-month period, Padcal mine milled 2.025 million tons, 3-percent higer from 1.969 million tons recorded in the same period in 2020.

Gold output reached 13,413 ounces while copper production was at 2.442 million pounds compared, slightly higher than the first quarter of 2020.

Total operating revenues improved by 38 percent to P2.37 billion from the previous P1.613 billion, mainly due to higher gold and copper prices during the period.

Philex said total operating cost and expenses likewise slightly increased went up by 6 percent to P1.647 billion during the period, as against P1.552 billion a year ago, on account of higher tonnage milled.

Meanwhile, earnings before interest, tax, depreciation and amortization, or Ebitda, in January-March rose to P1.01 billion from P419 million a year ago.

Philex Mining is one of the oldest and largest gold and copper producers in Southeast Asia, and a leader in sustainable and principled mining. Its subsidiaries are engaged in large-scale exploration, development, and utilization of mineral resources. Its Padcal mine is one of the oldest operating mines in the Philippines.

Shares of Philex Mining were down P0.45 or 7.09 percent at P6.80 apiece on Friday.

Source: The Manila Times