Philex Mining net income drops 71% on weak metal production

MANILA, Philippines — Philex Mining Corp.’s earnings plunged by 70.55 percent in the three months ending March as revenues and metal output declined. In a disclosure on Friday, Philex Mining said its consolidated net income decreased to P114.7 million in the first quarter of this year from P389.6 million in the same period a year ago. Consolidated revenues posted a decline of 17.46 percent to P1.73 billion, while costs and expenses were relatively flat at P1.64 billion. Tonnage milled for the period dropped by 7.09 percent to 1.585 million tons. Gold production totaled 7,803 ounces, down by 22.45 percent, while […]…

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