Wellex Industries, Incorporated Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018
August 14, 2018 at 09:41 pm EDT
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Wellex Industries, Incorporated reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported rental income of PHP 5,683,546 compared to PHP 4,215,355 a year ago. Loss from operations was PHP 3,514,853 compared to PHP 3,722,218 a year ago. Loss before tax was PHP 3,433,507 compared to PHP 3,642,327 a year ago. Net loss was PHP 3,433,507 or PHP 0.0011 per share compared to PHP 3,642,327 or PHP 0.0011 per share a year ago.
For the six months, the company reported rental income of PHP 11,119,917 compared to PHP 7,896,413 a year ago. Loss from operations was PHP 4,522,107 compared to PHP 8,791,234 a year ago. Income before tax was PHP 4,359,777 compared to PHP 8,634,067 a year ago. Net loss was PHP 4,359,777 or PHP 0.0013 per share compared to PHP 8,634,067 or PHP 0.0026 per share a year ago. Net cash used in operating activities was PHP 4,929,407 compared to net cash from operating activities of PHP 47,045,368 a year ago. Net debt as at June 30, 2018 was PHP 517,465,712 compared to PHP 460,866,404 as at June 30, 2017. Book value per share was PHP 0.39 as on June 30, 2018.
Wellex Industries Inc. is primarily engaged in the business of mining and exploration. The Company operates through a leasing activity segment on its idle properties as warehouses to third parties. The Company focuses on identifying mining properties with mineral deposits, principally nickel, chromite, gold, and copper. The Company has a presence in the Philippines. The Companyâs wholly owned subsidiary is Plastic City Industrial Corporation.