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Philex’s net income drops 53% to P954m

Philex Mining Corp. said Thursday net income in the first half tumbled 53 percent year-on-year because of lower mineral prices and reduction of operations in its Padcal mine in Benguet province. Philex said in a disclosure to the stock exchange net income in the January-June period reached P954 million, down from P2.036 billion recorded last year. “This decrease is a direct result of the company only operating from March 8, 2013 whereas last year the operations were continuous throughout the six-month period,” Philex said. The company’s Padcal mine in Benguet, which received government authorization for temporary operations on March 8 after its closure since Aug. 1 last year, produced 2.4 tons of minerals, or 5 percent higher from last year’s 2.3 million tons. Philex said net income in the second quarter dipped 28 percent to P551 million from P768 million a year ago, mainly due to lower metal prices. The country’s oldest mining company said production in the second quarter climbed to 19,474 metric tons of concentrates from 16,755 MT of concentrates produced in the same quarter last year. Metal production increased in the second quarter, as gold output grew 13 percent to 33,235 ounces while copper production increased 21 percent to 11,244,334 pounds respectively, reflecting higher grade ore being processed and better recovery rates.
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