PXP Energy Corp. narrowed its consolidated net loss to P8.4 million in the first quarter of 2018, compared with P8.5 billion a year ago, because of a foreign exchange (forex) gain of P15.5 million. Other charges amounting to P11.9 million and a P1.6-million provision for income tax offset the net loss, it added. Consolidated net loss attributable to equity holders of parent firm Philex Mining Corp. decreased to P3.7 million from P5.3 million last year. Consolidated expenses rose 12 percent to P41.5 million than P37 million last year on the back of a higher depletion cost that was offset by overhead containment. Formerly Philex Petroleum Corp., PXP Energy was incorporated in December 2007 as a wholly-owned subsidiary of Philex Mining.

Source: Manila Times May 13, 2018 16:18 UTC