Pangilinan-led Philex Mining Corp. reported a net income of P1.4 billion in the first half, up 20 percent, amid “significant increases” in revenue.
Revenue increased by 5.6 percent to P5.1 billion as core net income climbed by 16 percent to P1.3 billion.
Total tonnage milled in the second quarter alone dropped by 4.3 percent to 1.859 million tons from 1.943 million. Copper output, also during that quarter, stood at 6.461 million pounds while gold production reached 13,116 ounces. The firm did not provide numbers for the six-month period.
Operating costs and expenses were slightly higher at P3.3 billion as inflation drove up production expenses, particularly on materials and supplies. “The increase is attributable to increasing production costs brought about by the continuing effects of the COVID-19 pandemic, as well as the Russian invasion of Ukraine, which had a severe impact on the import prices of materials and supplies, especially fuel and power, critical to business operations,” it added.
Philex Mining is optimistic about this year’s profitability, citing the Marcos administration’s goal of revitalizing the mining industry to accelerate economic recovery.
“With government policies supportive of the mining industry, we are confident that investor interest in the Silangan project will be given a boost,” said Philex president and CEO Eulalio Austin Jr.
The company is targeting to commence commercial operations of the Silangan mine by the first quarter of 2025.