Philex Mining Corporation suffered an 8.6 percent drop in its net income for the first half of the year, owing to low copper and gold output.
Its net income amounted to P301 million in the first half of 2025, compared to P329.43 million in the same period last year.
Based on the company’s disclosure to the Philippine Stock Exchange on Tuesday, the output drop came about despite its higher tonnage milled.
Philex Mining said its total tonnage milled reached 3.403 million tons, representing a 4 percent increase from 3.272 million tons.
However, its total gold output for the first half of 2025 stood at 12,852 ounces while copper output was at 9.382 million pounds, lower by 18.5 percent and 4.3 percent, respectively.
Philex Mining’s gold output in the first half of 2024 was at 15,765 ounces, while copper output was at 9.802 million pounds.
The company added that the average gold price for the first half of 2025 amounted to $2,541 per ounce, 25.7 percent higher than the $2,022 per ounce in the same period last year.
Meanwhile, the price of copper was at $4.19 per pound 8.1 percent lower than the $4.56 per pound in 2024. Revenues reached P3.76 billion, 5.3 percent lower than 2024’s P3.97 billion.
