LEPANTO Consolidated Mining Co. reported a more than fivefold increase in attributable net income for the third quarter (Q3), driven by higher metal prices.
For the three months ended Sept. 30, the company’s attributable net income reached P407.14 million, up 465.26% from P72.03 million a year earlier, it said in a regulatory filing on Tuesday.
Consolidated net income rose to P407.78 million from P71.97 million in Q3 2024.
Revenue from the sale of metals surged 53.83% to P1.12 billion from P730.84 million, supported by a 38.65% increase in average gold prices to $3,453.67 per ounce and a 31.27% rise in average silver prices to $39.97 per ounce.
Revenue from services also increased 15.34% to P2.51 million from P2.18 million.
For the January-to-September period, attributable net income reached P1.18 billion, up 795.09% from P131.77 million in 2024.
Lepanto said it is focusing on gold and silver dore production in its Victoria and Teresa deposits as exploration drilling continues.
The company added that it has a capital expenditure budget of P700 million for 2025, which covers machinery and equipment purchases, mine development, tailings dam maintenance, and exploration activities.
“Prices of gold and silver are expected to remain robust, which could offset inflationary pressures on materials and equipment costs,” the company added.
Lepanto, which operates mines in Mankayan, Benguet, has business interests in the exploration and extraction of gold, silver, copper, lead, zinc, and various ores, metals, minerals, oil, gas, and coal, as well as their related by-products.
On Wednesday, Lepanto “A” shares on the stock exchange rose 1.2%, or 0.2 centavo, to close at P0.168 apiece, while Lepanto “B” shares fell 0.56%, or 0.1 centavo, to close at P0.176 each. — Vonn Andrei E. Villamiel