MANILA, Philippines – Philex Mining Corporation reported a drop in its net income in the first quarter of the year compared to the same period in 2013 due to last year's one-time gain from insurance claims it received amounting to P1.017 billion.
The mining firm said net income dropped to P267.4 million in the January to March period from P403.3 million in the same period last year.
Excluding the one-time income from insurance claims, the firm’s core net income more than doubled to P278.4 million in the first quarter of 2014 from P132.4 million last year.
Philex said the first quarter saw an increase in production of gold and copper due to a higher number of operating days of the Padcal mine, which operated for three months in 2014 compared with only one month of operation in 2013.
The higher number of operation days also resulted to the costs and expenses reaching P2.274 billion compared to P682.8 million in the first quarter of 2013.
Philex said the figures are based on unaudited financial results.
“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,” said Philiex Mining president and chief executive Eulalio Austin Jr.