051607: Philex Mining profit grows 77%

May 16, 2007
Updated 12:07:20 (Mla time)

Xinhua Financial News Service

MANILA, Philippines -- Philex Mining Corp.'s said its first-quarter net profit grew a hefty 77 percent to P1.01 billion from a year earlier, boosted by higher prices of precious metals.

Revenue for the first quarter jumped 33 percent to P2.8 billion as volume sales increased, it said.

Philex said it shipped 11.9 million pounds of copper and 39,695 ounces of gold in the first quarter, compared to 9.4 million pounds of copper and 24,425 ounces of gold during the same period last year.

It said metal prices in the first quarter averaged $2.93 per pound copper and $640 per ounce gold, as against $2.50 per pound copper and $561 per ounce gold the year before.

"Currently, market prices of metals are at $3.52 per pound copper and $680 per ounce gold. If prices will remain at these levels, earnings for 2007 could be exceeding its record earnings in 2006,” Philex said in notes accompanying its results.

Philex's net profit last year had soared 654 percent to P3.086 billion from the previous year, driven by rising metal prices.

 

http://services.inquirer.net/express/07/05/16/html_output/xmlhtml/20070516-66230-xml.html