Philex Mining Corp. said Wednesday net income doubled last year, led by higher copper production, improved metal prices and favorable exchange rate.
Philex said in a statement net income in 2016 hit P1.56 billion, up by 102 percent from P776-million profit in 2015. Net income attributable to equity holders of the parent company grew 77 percent to P1.58 billion from P896 million.
Core net income also went up 83 percent to P1.65 billion from P905 million.
Philex said copper concentrate production reached 73,107 dry metric tons last year, the highest since 2008, which was generally attributed to operational improvement.
Foreign exchange rate averaged P47.80 per US dollar in 2016, down from P45.31 a greenback the previous year.
The company’s Padcal mine milled 9.4 million tons of ore last year, up from 9.2 million tons in 2015. The tonnage translated into 35 million pounds of copper produced, which was 3 percent more than the previous year’s 34.1 million pounds as copper grades improved to 0.206 percent from 0.205 percent.
Gold production dropped to 103,304 ounces last year from 107,887 ounces in 2015, because of lower grades of 0.417 grams per ton in 2016 compared to 0.438 grams per ton in the previous year.
Revenues increased 12 percent in 2016 to P10.272 billion from P9.189 billion a year earlier, with copper accounting for P3.976 billion, up by 10 percent from P3.450 billion in 2015.
Gold contributed P6.209 billion in revenues last year, up by 10 percent from P5.67 billion in 2015. Revenue from silver also increased 24 percent to P86.5 million.
The performance was attributed to improved average metal prices last year year, with the average realized price of copper increasing 3 percent to $2.35 per pound from $2.29 per pound a year ago. The average gold price rose 9 percent to $1,254 per ounce from $1,147 per ounce, which more than offset the lower gold output.
Philex declared cash dividends of four centavos per share to shareholders on record as of March 14, 2017, which will be payable on March 27, 2017.