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DJ Philippines Lepanto Eyes PHP200M Net In 07,Has Net Loss In 1Q(Comtex Business Via Thomson Dialog NewsEdge) MANILA, Apr 16, 2007 (Dow Jones Commodities News via Comtex) --Lepanto Consolidated Mining Co. (LC.PH) expects net profit this year to reach PHP200 million, but had a wider net loss of PHP66 million in the first quarter due to delays in mine operations and development, the president of the Philippine gold producer said Monday. Lepanto posted a net loss of PHP4.34 million in the first quarter of 2006 on revenue of PHP469.2 million, when it sold 15,510 ounces of gold at an average price of $559.73 an ounce. However, in the first quarter of this year, the company's mine produced only around 13,000 ounces of gold, Brian Yap told reporters. Even so, Yap remains optimistic Lepanto can achieve the net profit target this year as the company will step up gold production in the next three quarters to a little over 18,000 ounces a quarter. Based on Lepanto's mine development plan, ore production will be increased to 2,000 tons a day from 1,500 tons, Yap said. He said Lepanto will fund its PHP500 million capital expenditure this year through proceeds of the company's recent stock rights offer. He added that the company is also in talks will possible foreign investors for other mine development projects. -By Cris Larano, Dow Jones Newswires; 632-848-5051; [email protected] -Edited by Marissa Chew (END) Dow Jones Newswires 04-16-07 0517ET Copyright (c) 2007 Dow Jones & Company, Inc. |