Philex Bares Higher Income Of P149B

Philex Mining Corporation (PSE: PX) announced that it achieved another new high in its revenues and core net income for Q2 2021.

Photo Insert: Philex Mining site in Tuba, Benguet

Philex recorded a Core Net Income of Php610 million for the 2nd quarter. In addition to the Php540 million core net income it already recorded in 1Q2021, Philex registered a new high core net income for the first half of the year at Php1.149 billion.

Satisfactory execution of the mining plan resulted in a sustained level of metal output, and optimum operating cost and expenses delivered the higher core net income for the quarter and year-to-date ended June 30, 2021.

The Company reported a Net Income of Php600 million for 2Q2021 versus the reported Net Income of Php322 million for the same period in 2020, an 86% increase.

In production and revenues, it milled slightly lower tonnage than the first quarter of 2021 resulting in slightly lower copper output for 2Q2021.

Despite the slightly lower copper output, the company generated higher revenues for 2Q2021 at Php2.377 billion, higher by 21% over the same period in 2020. This brings 1H2021 revenues to Php4.747 billion, ahead by 29% over the same period in 2020, with revenues only at Php3.680 billion.

The higher revenues are due mainly to the sustained higher realized metal prices for both gold and copper at $1,807 per ounce and $4.21 per pound, respectively.

The satisfactory execution of the mining plan and mill operations resulted in the production of 13,612 ounces of gold and 6.435 million pounds of Copper for 2Q2021, bringing the 1H2021 total metal output at 27,025 ounces of gold and 13.205 million pounds of copper.

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