Philex says first half earnings hit record-high

Philex Mining Corp. on Thursday reported that its net income in the year's first half hit “historic high", buoyed by higher revenues. Philex told the Philippine Stock Exchange that its consolidated net income more than tripled to P3.22 billion from P965 million in the same period last year. Consolidated core net income surged 188 percent to P2.84 billion from P983.9 million. "Consolidated revenue also posted the highest level for the period at P8.15 billion, higher by 68 percent than the revenue of P4.86 billion a year ago," Philex said. Revenue from gold amounted to P4.4 billion; copper, P3.32 billion; silver and petroleum, P430.6 million. "We are gratified by the very favorable metal prices and the good production performance of our Padcal mine. These factors helped generate record levels of earnings and cash flows this far this year," said Jose Ernesto C. Villaluna Jr., Philex president and chief operating officer. Total costs and expenses, meanwhile, rose 11 percent to P3.45 billion. The company also recorded a one-time gain of P523. 7 million from its investment in Pitkin Petroleum Plc. Philex has also recently acquired five percent of another listed miner - Lepanto Consolidated Mining Co. The investment will enable Philex to participate in the Far Southeast Gold Project of Lepanto. -- CMA/OMG, GMA News