Philex reports higher Q1 earnings

Philex Mining Corp., the country's largest miner, reported on Thursday that its earnings more than doubled in the first three months of the year, boosted by higher value of metals. In a statement to the Philippine Stock Exchange, Philex said its net income jumped 156 percent to P1.33 billion in the January to March period from P520.1 million in the same months last year. The company noted that its first quarter net income is the fourth highest quarterly income level in its history. "Higher price levels and metal output as well as improved grades realized in the quarter from the Padcal mine generated revenues 59 percent higher at P3.798 billion versus P2.391 billion last year," the company said. Manuel V. Pangilinan, Philex chairman and chief executive officer, expressed confidence that the company "is on its way potentially to generating record earnings for the year." Pangilinan also disclosed that the company is "close" to finalizing an agreement with Manila Mining Corp. for a joint venture on the Kalayaan property of Manila Mining in northern Mindanao. -- CMA/OMG, GMA News