Thursday, October 27, 2011

Philex posts record profit

Best 9-month income in firm's 55-year history
Philex Mining Corp on Thursday said it posted P4.35 billion in net income for the first nine months of 2011 on the back of higher production and metal prices.
Philex, which is partly owned bu Hong Kong's First pacific Co ltd., sadi in that this was the highest nine-month profit in its 55-year history and was 106 percent higher than the P2.12 billion recorded a year ago.
"Earnings would have been slightly higher were it not for the recent weakening in gold and copper prices which adversely affected the value of later shipments, with final prices falling in the last month of the third quarter," said Manuel V. Pangilinan, Philex chairman and Chief executive officer.

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