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Philex Mining Corp. posted a 49.7 percent drop in net income in the first half of the year to P704.14 million from P1.4 billion in the same period in 2022.
This was due to a 4-percent decrease in total tonnage milled to 3.531 million tons from 3.681 million tons.
Philex Mining said that total gold output for the first half stood at 20,361 ounces while copper output was at 11.173 million pounds, lower by 19 percent and 12 percent, respectively compared to the same period in 2022.
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Revenues reached P4.16 billion, 17 percent lower than first half 2022’s P5.01 billion.
Total operating costs and expenses was at P3.34 billion.
