ABS-CBN reported that Philex Mining Corporation saw its revenues and profits fall in the H1 of the year due to lower gold output.

Philex Mining said that its consolidated net income in the first six months of the year fell 37% to PHP 2.04 billion from PHP 3.22 billion a year earlier as its core net income declined and reduced exceptional gains.

Philex's core net income fell by 26% to PHP 2.109 billion in the H1 as gold output fell by 19%. Gold production during the January to June period totaled 58,681 ounces lower than the 72,784 ounces produced during the same period last year.

Mr Eulalio Austin president and CEO of Philex Mining said that "Padcal produced lower gold output in the H1 this year compared to last. This has resulted in a decline of our first semester revenues which impacted our profits and EBITDA. However, gold grade realized and gold output have improved starting in June and continued in July as access to better gold grade has opened. A better gold output in the second half compared with the first half is expected. Copper production will remain steady for the rest of the year.”

Mr Manuel V Pangilinan chairman of Philex said that starting June, we are beginning to see some recovery in grade and total output. We expect gold production volume to be better this H2 but will nonetheless be slightly lower in volume terms compared with last year. Copper volume should be maintained at levels with that of last year. Our hedging position vis à vis gold and copper prices is excellent and should help mitigate anticipated slightly lower gold output for the entire year."

Source - ABS-CBNnews.com

(www.steelguru.com)