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Philex nets P1.66-B net income in 2017

Listed Philex Mining Corp. booked a 6-percent increase in net income in 2017 as lower operating expenses managed to offset a fall in revenue.

In a disclosure to the local bourse Wednesday, the miner said its net income reached PHP1.66 billion last year from PHP1.57 billion in 2016.

Its operating revenues amounted to PHP9.98 billion in 2017, slightly 2.79 percent lower from PHP10.27 billion the previous year, as metal output declined due to bouldery ore, lower ore grades and other production-related issues.

Philex said metal output declined last year despite an improvement in tonnage during the last four months of the year brought about by engineering interventions and additional manpower.

Despite lower metal output, copper revenue rose from PHP3.98 billion to PHP4.48 billion on higher average price.

However, revenue from gold declined to PHP5.43 billion from PHP6.21 billion despite improved prices; while earnings from silver reached PHP77.2 million from PHP86.5 million.

Philex said its consolidated costs and expenses last year declined to PHP6.78 billion last year from PHP6.90 billion in 2016.

Foreign exchange losses due to the depreciation of the Philippine peso against the US dollar also narrowed from PHP145.2 million to PHP39.5 million.

Leslie Gatpolintan / PNA