Philex Petroleum incurs P190.2-M loss
MANILA, Philippines - Philex Petroleum Corp. saw its losses swell to P190.2 million in the first nine months of the year, from P131.85 million loss a year ago.
"The increase in net loss was mainly due to foreign currency conversion losses on the company's dollar denominated advances from Philex Mining, closure costs of Brixton Energy and Mining Corp., increased general and administrative expenses related to Pitkin Petroleum, and partly offset by the gain on sale of Pitkin' Vietnam Asset," the company told the stock exchange.
Revenues slightly went up to P156.42 million in the January to September period from P154.37 million.
Costs and expenses surged 40% to P359.26 million in the 9-month period from P255.85 million.
Brixton suspended underground operations in January and is expected to complete the closure of the coal mine by the first quarter of 2014.
Pitkin had completed the sale of its interests in Vietnam American Exploration Company last July for P2.1 billion. This allowed Philex Petroleum to report a gain on sale of P213.1 million.