Philex Mining sees P103-M profit in first 3 months

PHILEX Mining Corp. reported a net income of P103 million in the first quarter of 2020, reversing its net loss of P112 million in the same period last year.

In a disclosure on Thursday, the Pangilinan-led mining firm attributed the turnaround to the positive momentum in business operations in the beginning of the third quarter of 2019.

Revenues increased by 16 percent to P1.71 billion from P1.47 billion a year ago.

During the three-month period, the firm’s Padcal mine milled 1.969 million tons of gold and copper, 7 percent higher than the 1.832 million tons recorded in the same period last year.

According to the company, the continuous improvement in its mining procedures resulted in the increase of the final blended metal grades for both gold and copper.

Gold output went up by 35 percent to 14,159 ounces ( oz) from 10,493 oz, while copper production reached 6.738 million pounds ( lbs), up 18 percent from 5.727 million lbs in the previous year.

Meanwhile, earnings before interest, tax, depreciation and amortization rose by 93 percent to P419 million from P216 million a year ago.

As an export- oriented company, Philex Mining was allowed to remain operational during the enhanced community quarantine in accordance with the guidelines of the Inter-Agency Task Force for the Management of Emerging Infectious Diseases.

“In Surigao del Norte, however, because of the executive order made by the provincial governor, all [ projects of] mining companies, including our Silangan Project, and all mineral processing plants in the province had to suspend operations until the local quarantine is lifted,” said Philex Mining President and Chief Executive Officer Eulalio Austin Jr.

Philex Mining and its subsidiaries are into the large- scale exploration, development and utilization of mineral resources. Its Padcal mine is one of the oldest operating mines in the Philippines.

Philex Mining shares grew by 12 centavos or 5.38 percent to close at P2.35 each on Thursday.