Philippines: Philex core income dropped 90% in March

The consolidated core income of Philex Mining Corp. dropped by 90 percent to P132 million in March because of a reduction in the operations of its Padcal copper-gold mine in Benguet........

“We were allowed to operate starting March 8,” he told reporters at the sidelines of the company’s stockholders’ meeting. Because of a suspension order, the company could not operate the Padcal mine in January and February.

In 2012, on the basis of a fully operational first quarter, Philex’s core income amounted to P1.330 billion, while its reported net income reached P1.268 billion.

Philex later said in a statement that the settlement of the company’s pollution liability insurance claim worth P1.017 billion “substantially covered the losses in the first two non-operational months.”

The company had to settle the claims arising from a spill at the Padcal mine’s Tailings Storage Facility 3.

http://business.inquirer.net/119801/philex-core-income-dropped-90-in-march