Philex Mining Corp., the country’s biggest gold producer, reported a 3-percent drop in its net income as of June this year.
The company posted a profit of P748 million for the June semester, down from P774 million in the same period last year, according to its latest disclosure.
Its consolidated revenues also slipped by 0.6 percent to P4.756 billion from P4.788 billion, citing lower metal production that negated the impact of favorable exchange rates and improved copper prices.
Copper prices went up to $2.65 per pound, adding P2.007 billion to the company’s revenues, an 11.8-percent jump from last year’s P1.795 billion.
Gold remains the biggest revenue contributor despite a 12.7-percent decrease in production. Revenues totaled P2.710 billion from P2.955 billion last year.
Meanwhile, revenues from silver rose to P38.9 million, up by 4.3 percent from last year’s P37.3 million.
President and CEO Eulalio B. Austin Jr. also reported that the company had tapped Australian and Canadian experts to help it intensify its adherence to the country’s mining, safety and environmental standards.