May 19, 2007
Updated 07:46:36 (Mla time)
MANILA,
Philex said its consolidated net income nearly doubled to P1.0 billion from P574.5 million in the first quarter of last year, and operating revenue rose to P2.8 billion from P2.1 billion, with an increase in sales volume that coincided with a rise in metal prices.
It said it shipped 11.9 million pounds of copper and 39,695 ounces of gold from 20,188 tons of concentrates in the first quarter, compared with 9.4 million pounds of copper and 25,425 ounces of gold from 20,082 tons of concentrates in the same period in 2006.
Metal prices averaged $2.93 a pound of copper and $640 per ounce of gold, compared with $2.50 and $561 in the year-earlier period.
Coal producer Semirara Mining said its net income fell 56 percent to P120 million in the first quarter from P270 million a year earlier because of a 13-percent drop in average composite price.
It said the composite average price fell to P1,926.68 a metric ton from P2,224.83 in the first quarter of last year as a result of the strengthening of the peso and lower “agreed prices” set with customers earlier this year.
Local coal prices are benchmarked with international prices.
Semirara said its sales volume rose 10 percent to 663,018 metric tons from 600,026 in the first quarter of 2006 but sales revenue decreased six percent to P1.277 billion from P1.356 billion.
http://services.inquirer.net/express/07/05/19/html_output/xmlhtml/20070519-66851-xml.html
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