OceanaGold Philippines Sees Q2 Profit Soar on Higher Metal Prices

OceanaGold Philippines Inc. (OGP) saw its second-quarter net income surge to $32.7 million, more than doubling from $14.6 million a year earlier.

The increase in profit was due to higher realized gold and copper prices offsetting lower production and sales volumes.

The Didipio gold-copper mine operator reported that its revenue for the three months ended June rose 32% to $126.9 million from $96.2 million in the same period last year, while cost of sales increased by 5% to $55.7 million from $53 million.

The company's gross income climbed 65% to $71.2 million, and income from operations more than doubled to $49.4 million from $24 million.