MANILA, May 1 (Mabuhay) – Philex Mining Corporation reported a core net income of P278.4 million in the first quarter from P132.4 million a year earlier.
However, citing unaudited financial results, the miner said net income dropped to P267.4 million from P403.3 million in the same comparable period despite “… a significant amount of one-time income from insurance claims received (P1.017 billion).”
The higher number of operating days in the first three months of the year drove costs and expenses to P2.274 billion from P682.8 million, said the miner led by tycoon Manuel V. Pangilinan.
Other charges amounted to P49.1 million, “reversing the P446.4 million net other income shown last year due primarily to the one-off, significant insurance proceeds received.
Consolidated revenues went up 228 percent to P2.913 billion from P889.3 million, boosted by increased metals output.
“We are glad to be starting the year on a positive note, and looking forward to operate finally the Padcal mine for the full 12 months in 2014, after two successive years of partial operations,” president and chief executive Eulalio B. Austin Jr. said in a statement.
The Padcal mine in Itogon, Benguet was ordered closed by the Mines and Geo-Sciences Bureau in August 2012 after its tailings pond collapsed at the height of enhanced monsoon rains that became one of the worst mining disasters in Philippine history.
“Furthermore, we believe the company has completed all the remedial measures and investments required to improve the water management system at Padcal and, last year, these new facilities were commissioned,” Austin said.
“The construction of the third and final chute is also currently underway and will be completed by July 1, 2014,” he added.
Milling operations in Padcal covered 2,396,077 million metric tons (MT) from 611,801 MT. The mine was in operation for only a month in the first quarter of 2013.
Revenues from silver, coal, and petroleum operations grew more than 100 percent to P124.4 million, boosted by higher production from the Galoc oil field. (MNS)