Lepanto Consolidated Mining Company announced consolidated earnings and production results for the first quarter ended March 31, 2017. For the quarter, the company reported income of PHP 375,576,000 against PHP 350,846,000 a year ago. Loss from operations was PHP 152,781,000 against PHP 187,268,000 a year ago. Loss before income tax was PHP 169,878,000 against PHP 140,628,000 a year ago. Net loss attributable to stockholders of the parent company was PHP 176,830,000 or PHP 0.003443 basic and diluted per share against PHP 161,023,000 or PHP 0.003135 basic and diluted per share a year ago. Net cash used in operating activities was PHP 626,958,000 against net cash provided by operating activities of PHP 217,231,000 a year ago. Acquisition of property and equipment was PHP 135,230,000 against PHP 122,736,000 a year ago. Capital expenditures were PHP 1,134.7 million, consisting of: PHP 1,052.1 million, exploration; PHP 25.2 million, machinery and equipment, PHP 54.6 million, or mine development; and PHP 2.9 million, maintenance of tailings dam SA. Negative return on assets was 0.96%. Negative return on equity was 2.36%. Book value per share as on March 31, 2017 was PHP 0.14.

For the quarter, the company's gold production dropped to 5,561 ounces from 5,796 ounces last year and silver, from 9,644 oz to 8,190 oz. on account of the lower tonnage.

The projected milling tonnage for the year 2017 is 441,000 metric tonnes, producing 29,000 ounces of gold, 60,000 ounces of silver and 1,400,000 pounds of copper.