Philex Mining posts P1.23-B profit

Listed Philex Mining Corp. returned to profitability after earning an attributable net income of P1.228 billion in 2020.

In a disclosure on Friday, the Pangilinan-led mining company said the amount reversed the P647.79-million attributable net loss a year earlier.

Revenues climbed by 15.4 percent to P7.834 billion from P6.790 billion, with the company saying the “sustained increasing trend” of gold and copper prices continue to drive revenues.


Core net income soared by 645 percent to P1.162 billion from P156 million.

“Favorable metal prices and production sustained the increasing momentum of both revenue and core net income since [the first quarter of 2020],” Philex Mining said.

Operating cost and expenses decreased by 9 percent to P6.298 billion from P6.917 billion.
Looking ahead, the company said it would continue focusing on optimizing its Padcal Mine, and pursuing and working with to identify and sign up a strategic business partner to put its Silangan project into stream.

“The pandemic has slowed down the global business climate and M&A (mergers and acquisitions) transactions,” Philex President and Chief Executive Officer Eulalio Austin Jr. said. “However, the recent positive trend in prices and long-term outlook for gold and copper have significantly increased the interest of the global investors in our Silangan project amid [the] pandemic.”

“We are closely working with our financial advisor to bring Silangan into operation in the soonest possible time and at the same time optimizing the Padcal Mine,” Austin added.
Philex Mining shares climbed by 6 centavos or 1.22 percent to close at P4.96 each on Friday.