Philex doubles earnings

Philex Mining Corp., one of the country's largest miners, more than doubled its net income in the first nine months of the year. Philex told the Philippine Stock Exchange on Thursday that it posted its highest nine months reported net income in its 55-year history at P4.35 billion, more than double the P2.12-billion reported net income in the same period in 2010. Core net income jumped 72 percent to P3.98 billion over last year's P2.31 billion. Consolidated revenue also posted the highest level thus far at P11.83 billion, higher by 37 percent than the revenue of P8.63 billion a year ago. Contributing 58 percent of this year's revenue, gold sales amounted to P6.89 billion, while copper contributed 37 percent or P4.41 billion. Costs and expenses for the period, meanwhile, increased 7 percent to P5.28 billion “Earnings would have been slightly higher were it not for the recent weakening in gold and copper prices which has adversely affected the value of later shipments, with final prices falling at the last month of the third quarter," said Manuel V. Pangilinan, chairman and chief executive officer of Philex. “Nevertheless, we continue to be optimistic that we would still see record earnings this year." -