PANGILINAN-LED Philex Mining Corp. said Thursday its net income last year fell by 44.4 percent to P1.0 billion from P1.8 billion in 2022 on lower gold and copper output from its mines.

Core income also dropped by 44.4 percent, to P963 million from P1.7 billion a year ago, on lower tonnage milled and higher operating expenses, Philex said.

Total tonnage milled last year stood at 6.9 million tons, down 7.8 percent from the 7.4 million tons produced in 2022. Gold and copper ore grades were said to have decreased by 9.0 percent and 6.0 percent, respectively.

Philex said total gold produced in 2023 dropped by 22 percent to 37,784 ounces from 48,567 ounces, while total copper output reached 21.3 million pounds, down from 25.1 million pounds in 2022.

This resulted in a decline in operating revenues to P7.7 billion from P9.3 billion, the mining company noted.

Operating expenses, meanwhile, narrowed by 6.0 percent to P6.7 billion from P7.1 billion due to lesser tonnage milled, although offset by the impact of the higher cost of materials and supplies.

Philex explained that “sustained favorable metal prices and foreign exchange rates cushioned the impact of elevated operating costs and expenses.”

The miner closed the year with earnings before interest, taxes, depreciation and amortization of P1.8 billion, down from the P3.5 billion booked in 2022. – Brix Lelis