Philex mining reports huge drop in Q2 2023 earnings | ABS-CBN
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Philex mining reports huge drop in Q2 2023 earnings
ABS-CBN News
Published Jul 27, 2023 10:01 AM PHT
MANILA -- Philex Mining on Thursday reported a huge drop in earnings from April to June 2023.
MANILA -- Philex Mining on Thursday reported a huge drop in earnings from April to June 2023.
In a statement, the Manny Pangilinan-led miner said core net income in the second quarter was at P314 million-- a more than 50 percent cut from what they made in the same period last year.
In a statement, the Manny Pangilinan-led miner said core net income in the second quarter was at P314 million-- a more than 50 percent cut from what they made in the same period last year.
Earninge before interest, tax, depreciation and amortization, meanwhile, came in at just P553 million, way lower than the P1.2 billion recorded in the same period in 2022.
Earninge before interest, tax, depreciation and amortization, meanwhile, came in at just P553 million, way lower than the P1.2 billion recorded in the same period in 2022.
Philex said lower tonnage milled resulted in the contraction of gold and copper output by 21 percent and 13 percent, respectively.
Philex said lower tonnage milled resulted in the contraction of gold and copper output by 21 percent and 13 percent, respectively.
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Operating costs and expenses were also slightly higher, the company noted.
Operating costs and expenses were also slightly higher, the company noted.
The company said core net income in the first half of 2023 was at P702 million.
The company said core net income in the first half of 2023 was at P702 million.
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