Apr. 28, 2017: Philex Mining profit rises in 1st quarter

Apr. 28, 2017: Philex Mining profit rises in 1st quarter
 

EARNINGS of Philex Mining Corp. rose slightly in the first quarter as improved metal prices and favorable exchange rates partially offset a dip in metal output.

In a regulatory filing on Thursday, the gold and copper miner said net income grew 2.8% to P432.27 million in the first three months of the year, from the P420.45 million registered in the same period in 2016.

Core profit increased 18% to P458 million in the January to March period, from P389 million a year ago.

“The improvement in the Company’s financial results was attributed to higher metal prices, partly offset by lower metal output,” Philex Mining said.

Consolidated revenues went up 6% to P2.54 billion in the first quarter, amid improved metal prices and favorable foreign exchange rates.

Average realized copper prices hit $2.77 per pound during the January to March period versus $2.25 per pound during the same period in 2016. On the other hand, average realized gold prices jumped to $1,264 per ounce in the first quarter, from $1,239 per ounce a year ago.

The foreign exchange rate of P50.32:$1 also had a positive effect on first quarter revenues. In the first quarter of 2016, the foreign exchange rate was at P46.90:$1.

Revenues from gold were flat at P1.42 billion, while copper revenues jumped 15% to P1.09 billion. Sales from silver increased 30% to P21.89 million from P16.773 million a year ago.

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