MANILA (Yosefardi) – Philex Mining Corporation, controlled by Salim Group, booked core net income of P1.122 billion in 2014, 4% higher than 2013’s P1.081billion, after excluding exceptional gains and losses realized for both years.
Reported net income for last year reached P703 million, more than double that of P312 million reported in previous year.
The improved profitability was driven by an increase in revenues, due to higher number of operating days, coupled with cost streamlining despite lower ore grades and weakness in metal prices.
As at end December 2014, the Parent Company’s outstanding debt from local banks stood at P4.308 billion, of which about P500 million has been retired in January and February this year.