Philex Mining Corp. reported a 24% drop in its first quarter core net income to P346 million from P458 million from the same period last year, caused by lower production and stronger outflow of money.
In a disclosure to the stock market on Thursday, May 10, its reported net income likewise dropped from P432 million to P303 million.
The company’s consolidated revenues were also lower at P2.373 billion from first quarter 2017’s P2.542 billion.
“The results were attributed to lower metal production, caused by low ore grades, higher non-cash chargers, and increased taxes arising from doubling of excise tax rates under the Tax Reform for Acceleration and Inclusion (TRAIN) law,” the company said. — Anna Gabriela A. Mogato