Falling metal prices cut Philex earnings

MANILA, Philippines - Falling metal prices—brought about by a seen demand slowdown—cut earnings of the Philippines’ largest mining company for the third quarter this year. Profits of Philex Mining Corp. fell 29 percent to P1.07 billion from the same period one year ago, the company said in a disclosure to the Philippine Stock Exchange (PSE). From July to September, the company’s revenues fell by 32 percent to P2.2 billion as its cable belt hauling system delayed deliveries to the mill, cutting the amount of minerals to be processed. Similarly, revenues for the first nine months of the year also declined as the company produced lesser copper and gold. Yields owing to the rising precious metal costs were offset by lower copper prices, the company said. Shares of Philex Mining Corp. fell P0.10 to P5.20 during Monday’s trading at the PSE. - GMANews.TV