Philex Mining posts P200-m first-half net loss
MANILA, Philippines — Philex Mining Corp. recorded a net loss for the six months ending June despite posting higher earnings in the second quarter due to unrealized foreign exchange losses.
In a disclosure on Wednesday, the Manuel Pangilinan-led mining company said its net loss reached P200.4 million in the first semester of 2026, a reversal from a net income of P301.4 million in the same period a year ago.
READ: Silangan mine to boost Philex revenues by 2027
Philex Mining posted a second-quarter net income of P392 million, a sharp reversal from the P592-million net loss a year earlier.
However, the first-half bottom line resulted in a net loss primarily because of unrealized forex losses from the restatement of dollar-denominated loans at both Philex and the Silangan copper-gold project.
Revenues decreased by 6.8 percent to P3.5 billion, even as costs and expenses dropped by 9.1 percent to P3.2 billion.
Meanwhile, core net income climbed by 56 percent to P211.9 million. Earnings before interest, taxes, depreciation and amortization stood at P844.5 million, up 29 percent.
“With the completion of the rehabilitation of the secondary and tertiary crushing plant at the Padcal Mill, the company expects the operational momentum seen in the second quarter to continue through the remainder of 2026, at the backdrop of sustained higher level of prices of gold and copper,” Philex Mining said.
Operations at the Padcal mine in Benguet, Philex Mining’s largest revenue contributor for more than six decades, were disrupted in January due to the partial collapse of the structural support of the tertiary ore bins at the crushing section of its plant.
READ: Philex incurs Q1 net loss on lower output
Meanwhile, the Silangan project in Surigao del Norte is slated to start operations this year. It is expected to become a major source of revenue upon completion.
According to Philex Mining, its general contractor EEI Corp. is making progress in various stages of turning over completed areas of the process plant to Silangan Mindanao Mining Co. Inc. (SMMCI), the operator of the Silangan project.
This allows SMMCI and its lead consultant, Ausenco Pty. Ltd of Australia, to conduct progressive commissioning of the facility with a target completion in the fourth quarter of 2026. INQ
