Philex Mining Corp. recorded a 43- percent decline in net income in 2023 to P1.02 billion from P1.8 billion in 2022.

The company said in a statement yesterday the 7.8 percent lower tonnage milled pulled down the company’s performance cushioned only by sustained realized gold prices.

Philex Mining revenues dropped 16.5 percent to P7.73 billion from P9.26 billion in 2022.

The company said it will continue to support mining as one of the country’s economic growth catalysts this year.