OceanaGold (Philippines), Inc. (OGP) said its second-quarter net income surged 124% to $32.7 million from $14.6 million a year earlier, driven by higher realized gold and copper prices, according to BusinessWorld.
Revenue for the three months ended June rose 32% to $126.9 million from $96.2 million in the same period last year. The higher metal prices offset lower production and sales volumes during the quarter, with the company's performance reflecting global commodity price movements and its operational results.
OGP is a unit of OceanaGold Corp., which operates the Didipio gold-copper mine in Nueva Vizcaya. The positive quarterly earnings come amid sustained demand for gold as a safe-haven asset.