OceanaGold (Philippines) Inc. reported a sharp drop in earnings during the first quarter, weighed down by lower gold prices.
The listed mining company posted first quarter net profit of USD7.4 million, down from USD11.5 million, as revenue dropped to USD79.3 million from USD92.1 million in the year-earlier period.
OceanaGold Philippines produced 20,600 ounces of gold and 3,400 tonnes of copper, aligning with its production guidance. But gold prices dropped to an average of USD20.60 an ounce from USD26.30 while copper rose to USD3.40 a pound from USD3.00.
Even so, the company still announced a first quarter division that totaled USD17 million for shareholders on record May 22. The cash dividend, equivalent to USD0.0075 a share, will be paid in pesos on June 18 and will be based on the prevailing exchange rate.
Atty. Joan Adaci-Cattiling, president of OceanaGold Philippines, expressed confidence in the company’s trajectory, noting results for the first quarter were well within guidance. “During the first quarter, we safely produced gold and copper in line with our guidance. I am pleased to declare another strong dividend payment to start the year, having now returned approximately US$86 million to our shareholders via dividends in a one-year period since the May 2024 initiative public offer,” she said.
OceanaGold Philippines anticipates increased underground mining rates in the second half of 2025 and beyond. It remains focused on safely and responsibly delivering on its guidance for the year, capitalizing on record-high metal prices, and continuing to generate strong returns for its shareholders.
