Philex Earns P716M Core Income

Despite the challenges posed by the COVID-19 pandemic, production and favorable metal prices for gold and copper have been sustained since 1Q2021. As a result, the Management and the Board of Directors of Philex Mining Corporation (PSE:PX) (the “Company” or “Philex”) today announced that the Company generated another quarter of positive results.

Photo Insert: Higher copper prices, favorable foreign exchange rates, and managed operating expenses have sustained the company.

Philex recorded a Core Net Income of Php716 million for the quarter, higher by 55% than the same period in 3Q2020, mainly due to higher copper prices, favorable foreign exchange rates, and managed operating expenses.

The 3Q2021 Core Net Income of Php716 million rides on the positive and upward profit trend from the Php540 million achieved in 1Q2021 and the Php610 million posted in 2Q2021.

This brings the 9M2021 core net income to Php1.865 billion, higher by 116% over the same period of 9M2020, attributable to favorable metal prices, sustained metal output, and efficient deployment of operating costs and expenses.

On the other hand, 3Q2021 EBITDA at Php1.168 billion continues to maintain the positive trend during the first two quarters EBITDA of Php2.027 billion, to top up 9M2021 EBITDA to Php3.194 billion, a 57% rise from the same period 9M2020.

Reported net income for 3Q2021 is Php721 million, a 46% increase over the same period 3Q2020, while 9M2021 Reported net income reached Php1.880 billion, a 105% increase from 9M2020. Production and Revenues.

The Company generated higher tonnage in the third quarter of the year. For 3Q2021, total tonnage milled was at 2.006 million tonnes slightly higher compared to 1.985 million tonnes in 3Q2020 and 1.943 million tonnes in 2Q2021.

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