Philex Mining Corp. said Thursday net income grew 34 percent in the first half from a year ago, on higher copper output and improved gold prices.
Philex said in a disclosure to the stock exchange net income reached P757 million in January to June, up from P565 million in the same period last year.
Core net income, which excludes one-time gains, jumped 49 percent in the six-month period to P774 million from P520 million a year ago.
Philex said Padcal mine in Benguet province milled 4.7 million metric tons of ore, up by 5 percent from 4.47 million MT in the first half of 2015.
Gold production went down to 49,589 ounces from 53,689 ounces on lower grades and metal recovery caused by an increasing presence of slimes at the current draw points.
Copper production, however, increased 3 percent to 17.3 million pounds from 16.9 million pounds last year.
Gold revenues increased to P2.95 billion from P2.84 billion on higher gold prices in the world market. Average realized prices reached $1,263 per ounce, or 6 percent higher than in the previous year.
Copper revenues reached P1.795 billion, down from P1.87 billion a year earlier, as average realized copper prices fell 18 percent to $2.14 per pound.
Philex said because of higher income during the six-month period, it declared a regular cash dividend of P0.03 per share to shareholders of record as of Aug. 10, 2016 and payable on Aug. 24, 2016.
“From an operational and financial standpoint, the pricing environment, at least for gold, has so far been favorable to us during the first half of the year,” said Philex president and chief executive Eulalio Austin Jr.
“We hope this trend is sustained for the remainder of the year, which we aim to take full advantage of by further ramping up our production, which already started during the month of June,” Austin said.
