EARNINGS: Philex says core profits totaled P4.15B last year

Philex Mining Corp., one of the oldest mining firms in the Philippines, on Thursday said its core profits grew 124 percent to P4.151 billion last year from the P1.849 billion recorded in 2009. The mining firm's reported net income rose 44 percent to P3.945 billion in the previous year from P2.735 billion in 2009, according to its statement posted on the Philippine Stock Exchange website. Philex said its revenue amounted to P13.394 billion a year ago, up 48 percent from the P9.055 billion posted in 2009. "Record price levels for gold and copper last year raised the company's revenues," Philex said. Last year, average prices of gold and copper were $1,217 per ounce and $3.63 per pound, respectively, up from $946 per ounce and $2.24 per pound in 2009. Philex said the value of outputs from its Padcal gold and copper mine in Benguet province contributed to the strong financial performance of the mining firm. That is why "capital expenditures for this year on existing operations in Padcal and in our coal mine in Zamboanga del Norte reached P1.398 billion, from P1.480 billion last year," Philex said. Philex pointed out that its robust performance last year "provides an excellent platform for Philex to search for new and interesting properties and commence the development of our Silangan mine." Silangan mine in Surigao del Norte province is presently Philex's principal and most mature exploration project, according to the mining firm. — JE, GMA News