Philex net income plunges 70% in Q1

By Brix Lelis

Apr 27, 2024 12:18 am

MANUEL V. Pangilinan-led Philex Mining Corp. said Friday that net income in the first three months of 2024 plunged by about 70.5 percent to P114.7 million from P389.6 million a year earlier as revenues continued to decline.

The results came about despite higher average gold prices in the first quarter, at $2,061 per ounce compared with $1,889 per ounce a year earlier, while the price of copper was flat at $4.00 per pound.

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