25 Jul 2012

Philex Mining Posts Lower 1H2012 Profits on Reduced Gold Output; 1H2012 Core Net Income at P2.109 Billion, lower by 26% over last year on lower gold output; Hedges achieved higher realized gold prices, with copper prices similar to last year, despite softening global metal prices; Gold output dropped by 14,103 ounces for the first half, or 19% due to lower grade; Reported Net Income down 37% from record earnings in 2011 to P2.036 billion, due to lower Core Net Income and lower exceptional gains; EBITDA correspondingly reduced to P3.391 billion for the period; Core EPS at P0.4276 per share for the 1H2012; Reported EPS at P0.4236 per share for 1H2012; Interim dividend approved at P0.11 per share, representing dividend payment of 25% of Core EPS

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