Despite a lower output, Philex Mining Corp. posted a 6-percent increase in net income to P1.66 billion last year from P1.57 billion a year ago due to higher metal prices.
In a disclosure to the Philippine Stock Exchange, Philex said volume of mining operations reached 8.76 million tons, down 7.3 percent from 9.36 million tons in 2016. Gold output for 2017 reached 84,638 ounces while copper output totaled 30.1 million pounds. Ore grades were also lower during the period.
Nonetheless, Philex’s gold revenue amounted to P5.43 billion as prices improved to $1,273 an ounce from $1,254 a year ago. Copper sales reached P4.48 billion as prices also increased to $2.96 a pound from $2.35. Silver generated P77.2 million from P86.5 million in 2016.
Operating revenues fell to P9.98 billion from P10.27 billion. However, a 16-percent reduction in expenses to P1.71 billion contributed to the company’s revenue growth.
Philex recently adopted strict global standards set by the Mining Association of Canada in partnership with the Chamber of Mines of the Philippines. —KARL R. OCAMPO