MANILA, Philippines--The country's biggest gold producer Philex Mining Corp. saw its net profit for the first quarter of the year drop by 31 percent as its Padcal mine nears the end of its life cycle, thereby resulting to a weaker metal production from declining ore grades. Philex ended the three-month period with a net income of P206 million against P302.77 million in the same period last year. Excluding non-recurring gains, its core net loss stood at P112 million. "As it nears the end of mine life, we have centered efforts on maximizing the remaining cash generation capacity of Padcal," Philex President and CEO Eulalio B. Austin Jr. said. As l...
Keep on reading: Philex Mining Corp.’s Q1 net profit drops 31%
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