MANILA, Philippines - Listed mining company Philex Mining said its net income dropped by more than a third in the first half.
In a disclosure to the stock exchange, Philex Mining said its net income fell 37 percent to P600.5 million in the January to June period from P954.37 million earnings a year ago, due to lower gold and copper grades from its mine in Benguet.
Core net income declined by 32 percent to P559 million in the first six months of 2014 from P817.65 million a year ago.
For the second quarter alone, Philex said its attributable net income dropped to P333.03 million, from P551.05 million during the second quarter of 2013.
Philex said it had implemented cost-control measures to mitigate the impact of declining ore gardes and low metal production.
Consolidated revenues hit P5.78 billion in the first six months of the year, 38 percent higher than year-ago figures due to higher number of operating days this year. Gold production jumped 28 percent to 52,286 ounces, while copper output went up 33 percent to 18.19 million pounds.
Consolidated costs and expenses surged to P4.46 billion in the first half, from P2.72 billion a year ago, due to higher number of operating days and change in the ore body's physical characteristics which make it more expensive to process.