Philex Mining Corporation reported a 72% year-on-year increase in third-quarter net income to PHP 310 million, as higher realized gold and copper prices supported revenue growth despite lower metal production.
Revenue rose 6% to PHP 2.67 billion while operating costs and expenses stayed flat at PHP 1.96 billion, according to Philex’s October 29 disclosure. Income from operations increased 28% to PHP 710 million.
The company separately reported core net income of PHP 537 million for the quarter, up 56% from PHP 344 million a year earlier.
Realized gold prices averaged USD 4,519 per ounce, up 24%, while copper prices rose 49% to USD 6.59 per pound.
Philex milled 1.55 million tonnes of ore during the quarter, down 13% from a year earlier. Gold production declined 35% to 4,322 ounces, while copper output fell 28% to 3.542 million pounds. Compared with the second quarter, however, gold and copper output increased 8% and 5%, respectively.
For January–September, reported net income fell to PHP 110 million from PHP 482 million a year earlier. Foreign exchange losses reached PHP 649 million, compared with PHP 38 million, bringing total other charges to PHP 767 million.
The company linked foreign exchange losses to the restatement of U.S. dollar-denominated loans.
Nine-month core net income increased 56% to PHP 749 million, while revenue slipped 2% to PHP 6.171 billion. Operating costs and expenses declined 6% to PHP 5.171 billion.
Separately, Philex reported that the process plant at its Silangan mine in Surigao del Norte had completed its C-3 commissioning phase and produced its first copper cathodes.
The company described Silangan as the country’s first mining operation to process ore into saleable metal using a copper-leaching method. It also completed smelting and produced its first gold-silver doré, a partially refined mixture of the two metals.
“The realization of the Silangan Mine reflects our commitment to creating a sustainable and lasting legacy for the people of Surigao del Norte and for the country as a whole,” Philex President and Chief Executive Officer Eulalio B. Austin Jr. said.
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What will you watch most closely as Philex advances Silangan while managing production and foreign exchange pressures?
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