Philex Mining Corp. has seen its net income increase by 38% within the year’s first quarter. The probable reason for this is that the company is keeping its cost and expenses low, even as prices of metal continue to be unstable. The company revealed, in a disclosure to the PSE, that it booked P420 million in earnings.
The numbers have clearly risen from last year’s P305 million, from the same period. The miners output improved during the quarter, but the gains capped with commodity prices decreased. Philex Mining plans on intensifying exploration activities around Padcal mine to help augment present resources.
