Apex net income up 33%

Apex Mining Co. Inc. (APX) posted a 33-percent increase in its consolidated net income to P177.8 million in the first half of 2017 from P133.5 million a year ago.

In a statement, APX said the parent company alone posted a net income of P205.9 million, up 32 percent from last year’s P156.1 million.

The consolidated net income was lower than that of the parent company due to the administrative costs of subsidiaries Itogon-Suyoc Resources Inc. (ISRI) and Monte Oro Resources & Energy Inc. (MORE).

Overall, APX posted P2 billion in revenue for the period, up 18 percent from P1.7 billion in 2016 due to record output at the Maco mine in Compostela Valley.

The project turned out 29,419 ounces of gold, the highest six-month output for the company thus far.

Silver production also set a new high of 147,502 ounces from 140,317 ounces in 2016.

APX said metal prices were about the same level as last year, averaging $1,245 per ounce of gold and $17 per ounce of silver.