Philex Mining profit jumps 64 pct in 2013

Posted at 02/27/2014 1:35 PM | Updated as of 02/27/2014 1:35 PM

MANILA, Philippines - Philex Mining Corp. saw its profits rise 64% in 2013, as it resumed operations at its Padcal mine in Benguet.

In a statement, Philex Mining said net income attributable to equity shareholders of the company jumped 64% to P342 million in 2013 from P208.7 million in 2012.

However, the Philippines' biggest miner said its core income dropped to P1.51 billion in 2013, from P1.689 billion a year ago, due to lower metal prices.

"Higher operating days at the mine enabled the company to produce bigger volumes of metal. However, this was partially offset by lower realized prices of metal in the world market. For reference, gold spot prices shed 32% in 2013 after a 12-year bull run," it said.

Philex operated its Padcal mine for almost 10 months in 2013, compared with 7 months operation in 2012.

Consolidated revenues jumped 15% to P10.46 billion in 2013 from year-ago figures due to improved metals production.

On the other hand, consolidated operating costs and expenses also went up 42% in 2013 to P7.4 billion, due to higher operating days and rehabilitation costs.

Meanwhile, the Philex board of directors approved the declaration of cash dividends amounting to five centavos per share to shareholders of record as of March 21, 2014, payable on March 26, 2014.