Philex Mining’s Jan-Sept profit soared to P865M

Despite the coronavirus disease 2019 (Covid-19) pandemic, Philex Mining Corp. saw its core net income grow to P865 million in the first nine months of 2020 on favorable gold and copper prices. In a disclosure on Friday, the listed mining company said the amount was “substantially ahead” of the P39 million posted in the same period last year. Earnings before interest, tax, depreciation and amortization in the first three quarters rose by 79 percent to P2.038 billion from P1.135 billion a year ago. For the third quarter alone, core net profit jumped to P462 million from P103 million in the first quarter, P300 million in the second, as well as from P58 million year-on-year. “This was due to the increasing operating revenues brought about by favorable gold and copper prices despite the Covid-19 (coronavirus disease 2019) pandemic, and higher gold output mainly from higher ore grades,” Philex Mining said. Philex Mining shares added 4 centavos or 0.75 percent to end at P5.39 apiece on Friday.

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